By Anora Mahmudova and Victor Reklaitis, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks rose Wednesday, bouncing
back from morning losses, as Apple Inc. and other tech stocks
helped lead the way higher.
Traders said while there was no single explanation for the
turnaround, the market got a lift from Apple's 3.1% jump and a new
poll showing a majority of Scots favor remaining in the U.K.
Investors have worried about Scotland potentially becoming
independent after a poll over the weekend put those favoring
independence ahead for the first time.
The S&P 500 (SPX) rose 7.25 points, or 0.4%, to close at
1,995.69, while the Dow Jones Industrial Average (DJI) added 54.84
points, or 0.3%, to 17,068.71. Both indexes snapped two-day skids,
but remain down for the week.
The Nasdaq Composite (RIXF) gained 34.24 points, or 0.8%, to
finish at 4,586.52. The tech-heavy index is up 0.1% for the
week.
The Apple effect: Wall Street was upbeat on Apple following
Tuesday's unveiling of the iPhone 6, iPhone 6 Plus, Apple Watch and
a mobile payment system. Analysts deployed words like "magical" and
"impressive" in their reports.
"That certainly helped the techs," said Stephen J. Carl, head
equity trader at the Williams Capital Group, referring to Apple's
advance on Wednesday. The iPhone maker was one of the S&P 500's
best performers for the session, and the IT sector fared best among
the 10 S&P sectors.
Some stocks were shunned because of Apple's moves. GT Advanced
Technologies Inc. (GTAT) shares slid 14.5% after Apple said it
won't move toward broad use of sapphire screens, which GT provides.
In addition, eBay Inc. (EBAY) shares fell 3.1% as analysts
suggested its PayPal business will face greater competition thanks
to Apple Pay.
On the earnings front, Land's End Inc. (LE) shares rallied 20.6%
after the clothing retailer posted better-than-expected quarterly
results, while Krispy Kreme Doughnuts (KKD) skidded 3.1% after the
doughnut chain's adjusted profit missed forecasts. For more on
today's movers, read our Movers & Shakers column.
Fed jitters persist: The yield on the 10-year Treasurys gained,
rising for the fifth consecutive session. Quincy Krosby, market
strategist at Prudential Financial, said that in the absence of
economic data, investors are remaining cautious until the next
meeting of the Federal Open Market Committee.
"Markets are sensitive to the end of QE and will be nervous
until the crucial FOMC meeting and press conference next week. It
is not unusual to see weakness after big gains last month," Krosby
said.
Other markets: European markets closed mostly lower. Asian
markets finished lower, with the exception of a small rise for the
Nikkei . Gold prices(GCZ4) ticked up, while oil prices fell.
Barbara Kollmeyer contributed to this report.
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