U.S. stocks rebounded Wednesday, with the Dow Jones Industrial Average leaping 100 points, as investors continued to eye a strengthening dollar and the ongoing debt crisis in Greece. The Dow tumbled nearly 200 points a day earlier, led by declines in technology, following a series of mixed economic reports, while market professionals digested comments about U.S. monetary policy from a top Federal Reserve official.
The Dow (INDEXDJX:.DJI) climbed 101.53 points, or 0.56 percent, to 18,143. The Standard & Poor's 500 (INDEXNASDAQ:.IXIC) added 12.34 points, or 0.58 percent, to reach 2,116. The Nasdaq composite (INDEXSP:.INX) gained 41.34 points, or 0.82 percent, to hit 5,074.
Technology led the blue-chip Dow higher Wednesday, bouncing back from the previous session’s losses, as Apple Inc. (NASDAQ:AAPL) and Microsoft Corporation (NASDAQ:MSFT) gained 1.5 percent and 1.3 percent, respectively. Dow component Cisco Systems Inc. (NASDAQ:CSCO), a network equipment maker, added 1.3 percent.
Financial services firm Cowen and Company raised its 12-month price target on Apple this week from $135 to $140 on strong iPhone 6 sales forecasts. The firm projects the tech giant will sell 50 million iPhones in this quarter.
Meanwhile, Microsoft announced this week it has entered into partnerships with 20 additional Android tablet makers to offer preinstalled office apps, including Word, Excel, PowerPoint, OneNote, OneDrive and Skype. The tablet makers include LG Electronics Inc., Sony Corp., Chinese consumer electronics maker Haier and German computer manufacturer Wortmann.
The S&P 500 information technology sector edged higher, led by a 3 percent gain from networking products maker Juniper Networks Inc. (NYSE:JNPR).
Shares of Tiffany & Co. (NYSE:TIF) jumped nearly 12 percent Wednesday after the luxury jeweler posted earnings and revenue that topped Wall Street forecasts, driven by a boost in sales of gold fashion jewelry and statement jewelry.
Michael Kors Holdings Ltd. (NYSE:KORS) stock price plunged 22 percent after the London-based handbag and accessories company posted earnings forecasts below Wall Street estimates, as U.S. sales cooled last quarter due to currency fluctuations.
The U.S. dollar continued to gain Wednesday, as the greenback soared to an eight-year high against the Japanese yen. The dollar also hit a one-month high against the euro this week as concerns grow that Greece will default on loan payments. The U.S. dollar index, which measures the greenback against major world currencies, gained 0.15 percent Wednesday to reach as high as $97.78.
Greece has begun drawing up agreement with creditors as negotiations continue, Reuters reported. Athens is risking a possible default as the country is scheduled to repay the International Monetary Fund 1.6 billion euros ($1.8 billion) next month, with a payment of 300 million euros ($327 million) on June 5.