US Stocks Rise On Strength In Banks, Semiconductors

Wall Street stocks powered higher on Wednesday as markets cheered the apparent containment of a banking industry crisis that has rattled investors in recent weeks.

Worries are receding that the failure of Silicon Valley Bank and two other regional lenders would lead to other causalities.

"As the mini-bank crisis recedes a bit, equity investors look to what was oversold in the last few weeks," said Art Hogan, an analyst at B Riley Financial, adding that investors have also been encouraged at lower volatility in the bond market.

The Dow Jones finished up 1.0 percent at 32,717.

The S&P 500 advanced 1.4 percent to 4,027, while the Nasdaq climbed 1.8 percent to 11,926.

While all 11 industrial sectors posted gains, semiconductor firms were especially strong following a forecast from Micron that pointed to improving demand in the second half of the year.

Micron jumped 7.2 percent, while Dow member Intel surged 7.6 percent and Nvidia advanced 2.2 percent.

Regional banks were another winner, with First Republic piling on 5.9 percent and PacWest Bancorp winning 5.1 percent.

Among other companies, Lululemon Athletica jumped 12.7 percent after reporting a 30 percent increase in revenues in the fourth quarter, following a solid holiday season. (AFP)