U.S. stocks rise as Wall Street's winning streak grows to four days

U.S. stocks closed broadly higher Wednesday, extending Wall Street’s recent winning streak to a fourth straight day.

The S&P 500 rose 0.7%, the Dow Jones Industrial Average gained 0.7% and the Nasdaq composite added 0.8%.

Solid gains for technology companies led the rally, although the gains were widespread, with most of the sectors in the benchmark S&P 500 index finishing higher. Gainers also outnumbered decliners by more than 2 to 1 on the New York Stock Exchange.

U.S. markets have a shortened trading week due to the Thanksgiving holiday, closing on Thursday and opening for shorter hours on Friday.

The market’s recent rebound, fueled by investor hopes for another Federal Reserve interest rate cut in December, has helped erase most of the major indexes’ losses following a bout of selling earlier this month.

“It’s a tech-driven, buy-the-bounce kind of response to the very swift sell-off that we saw,” said Sam Stovall, chief investment strategist at CFRA. “Investors are of the mind that this pullback has run its course and that it’s going to lead to a December dash to the finish line.”

Dell Technologies climbed 5.8% after saying it has received record orders for its artificial intelligence servers. Dell and other technology companies had fallen earlier in the month as investors worried the prices for their stocks had gotten too frothy amid the frenzy over AI. Nvidia, the market’s most valuable company, rose 1.4%.