Wall Street closes higher on tech gains, easing inflation concerns

US stocks closed higher on Wednesday, supported by growing signs of easing inflationary pressures and strong performance from major technology companies, which offset losses in the semiconductor sector.

The Dow Jones Industrial Average gained 0.29%, or 150 points, to 52,658 points. The broader S&P 500 added 0.38%, or 28 points, to 7,572, while the Nasdaq Composite rose 0.62%, or 162 points, to 26,269 points.

The Stoxx Europe 600 inched up 0.10% to 642 points, despite a decline in the technology sector.

The UK’s FTSE 100 slipped 0.13% to 10,515 points, Germany’s DAX lost 0.59% to 24,999 points, while France’s CAC 40 edged up 0.19% to 8,382 points.

In Japan, the Nikkei 225 advanced 1.50% to 68,751, while the broader Topix climbed 1.20% to 4,088 points.

Brent crude futures for September delivery rose 0.26%, or 22 cents, to $84.95.

WTI crude for August delivery gained 0.33%, or 26 cents, to $79.60 a barrel.

Gold futures for August delivery shed 0.44% to $4,051.80 per ounce.

Weaker-than-expected producer price inflation data reinforced expectations of a slower pace of monetary tightening. Investors rotated into major technology stocks led by Apple, while profit-taking in semiconductor shares continued.