Nasdaq rebounds from record slump as tech stocks rally

Nasdaq rebounded on Wednesday, recovering from a record plunge after tech stocks from firms such as Apple Inc led the charge.

The Dow Jones Industrial Average gained 2.40% (659 points). Meanwhile, the S&P500 gained 2.63%, while the Nasdaq Composite jumped up 3.1% after it had plummeted by a record 10%.

The tech-heavy Nasdaq was boosted by a 7% surge in Tesla’s stocks, which recovered from a 20% slump after it failed to make the cut to be included in the S&P 500 despite generating four consecutive quarters of growth.

Tech stocks rebounded from a three-session rout after Apple Inc’s stocks soared by 5% as investors placed their support over the new iPhone expected to be launched later in the year. Other tech giants such as Facebook, Alphabet, Amazon.com, and Microsoft also saw gains.  

However, not all tech firms saw gains, with stocks from Slack Technologies and Lulelemon Athletica plunging by 16% and 9% respectively.