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Stock market today: Big Tech sends Wall Street toward its best day in 5 months, as oil prices jump

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Big technology stocks are bouncing back and boosting U.S. indexes, one of many swings for financial markets around the world. The S&P 500 rallied 1.6% Wednesday and was on track for its best day in five months. The Dow Jones Industrial Average rose 0.7%, and the Nasdaq composite jumped 2.4%.

People pass the New York Stock Exchange on Wednesday, July 31, 2024 in New York. Global stocks have advanced and oil prices jumped more than $2 a barrel after Hamas’s top political leader died in an air strike.Currency traders work near the screen showing the Korea Composite Stock Price Index , top center left, and the foreign exchange rate between U.S.

How such Big Tech stocks perform matters a lot because they’re Wall Street’s most valuable companies, and that gives them the biggest sway on the S&P 500. A handful of these stocks, known as the “Magnificent Seven,” drove the U.S. stock market to dozens of records this year, even as many other stocks struggled under the weight of high interest rates. But they ran out of momentum this month amid criticism they had grown too expensive and expectations had run too high.

DuPont rose 4.7% after delivering better profit and revenue than expected, thanks in part to a recovery for the electronics business, and the chemical giant raised its financial forecasts for the full year.They helped offset a 3.4% drop for Altria Group after the maker of cigarettes and smoke-free products fell short of expectations for profit and revenue in its latest quarter.

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