U.S. stocks bounced back on Wednesday, led by the technology, health care and financial sectors. On the other hand, energy names lagged. At the closing bell, the Dow Jones Industrial Average gained 0.7%, the S&P 500 bounced back 0.9% and the Nasdaq Composite moved 1.5% higher.
Broadcom (BRCM) was the big winner of the session, gaining more than 21%. Dow Jones reported that Avago (AVGO) could acquire the wireless chip-maker later this week. Avago shares also moved nearly 7% higher, as the iShares Philadelphia Semiconductor ETF (SOXX) added nearly 4%.
In earnings movers, Tiffany (TIF) gained more than 10%, as new products drove higher earnings. Meanwhile, Michael Kors (KORS) fell 24% on a lower profit outlook.
Looking ahead to Thursday morning, retailers Abercrombie & Fitch (ANF) and Express (EXPR) headline the earnings calendar. On the economic front, economists are expecting weekly jobless claims to tick down to 270,000.