US stocks staged a broad rebound yesterday as tech shares rallied on optimism about economic growth and business spending to drive the Nasdaq to a five-year high.
The Nasdaq Composite Index climbed up 33.32 points, or 1.45 per cent, to close at 2,337.78.
Shares of Google shot up ahead of the company's addition to the S&P 500, while Apple Computer got a boost from rival Microsoft's antitrust woes.
All major industry sectors rose on the day. Blue chips got a lift from Boeing, which received a $2 billion jet order. The jet maker's shares hit a record during the day.
The session's gains helped the market recover from losses that came on Tuesday after the Fed raised interest rates and hinted more may be needed to stem inflation.
The Dow Jones industrial average rose 61.16 points, or 0.55 per cent, to end at 11,215.70. The Standard & Poor's 500 Index gained 9.66 points, or 0.75 per cent, to finish at 1,302.89.