U.S. stocks were higher on Wednesday, as markets attempted to recover from Tuesday’s clobbering.
The Dow, NASDAQ and S&P 500 all lost more than 1% on Tuesday—the worst day this month on Wall Street. The dollar was the main culprit, rising more than 1.3% during the day and reaching its highest level against the Japanese yen in almost eight years.
However, it was the NASDAQ leading the way on Wednesday, closing at an all-time high of 5,106.59.
Continued data releases seemed to signal an impending interest rate hike, which has long been the fear of Wall Street traders and investors. It’s been nearly a decade since the most recent rate hike, meaning uncharted territory for many brokers and investors who’ve never attempted to operate in such an environment.
Wednesday was a quiet day on the data front, allowing investors time to absorb the news from Tuesday. The bounce back suggested a slight over-reaction, although the real story of the week may not be told until Friday, when the revised first-quarter GDP number is released.
Here are the final numbers from Wall Street on Wednesday:
Dow Jones Industrial Average: 18,162.99 (+121.45)
NASDAQ: 5,106.59 (+73.84)
S&P 500: 2,123.48 (+19.28)