The US markets ended in green on Wednesday amid positive U.S. industrial production data. After making an optimistic start, US markets lost some momentum as the day progressed, but managed to conclude the session with hefty gains. Sentiments were positive as Federal Reserve released a report showing that industrial production in the U.S. increased by more than expected in the month of January. The Fed said industrial production grew by 0.7 percent in January after rising by a downwardly revised 0.2 percent in December. The street had expected industrial production to climb by 0.4 percent, matching the increase originally reported for the previous month.The strengthon Wall Street also came amid a sharp increase by shares of Nvidia (NVDA) afterthe company announced a multi-year, multi-generational strategic partnershipwith Facebook parent Meta (META) to expand AI infrastructure.
On the sectorial front, gold stocks also saw significant strength amid a sharp increase by the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 2.5 percent. Besides, oil service stocks turned in some of the market’s best performances on the day, resulting in a 2.7 percent surge by the Philadelphia Oil Service Index.
Nasdaq increased 175.25 points or 0.78 percent to 22,753.63, S&P 500 added 38.09 points or 0.56 percent to 6,881.31 and Dow Jones Industrial Average rose 129.47 points or 0.26 percent to 49,662.66.
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