(Sharecast News) - Wall Street stocks finished in the green on Wednesday, with the Nasdaq breaking its seven-day losing streak, even amid a whirlwind of hawkish Fedspeak.
At the close, the Dow Jones Industrial Average was up 1.4% at 31,581.28, as the S&P 500 added 1.83% to 3,979.87 and the Nasdaq Composite was ahead 2.14% at 11,791.90.
The Dow closed 435.98 points higher on Wednesday, reversing the losses it recorded on Tuesday after the three-day Labor Day breather.
In focus was the Beige Book survey from the Federal Reserve, which showed the US economy expanding slightly through August, although it suggested a "generally weak" outlook for the year ahead.
The central bank's vice-chair Lael Brainard also spoke during the day, telling a Clearing House and Bank Policy Institute conference that the Fed would raise and maintain higher interest rates in a bid to reassure markets that inflation would fall back to target.
"We are in this for as long as it takes to get inflation down," Brainard said.
On the macro front, mortgage applications decreased 0.8% in the week ended 2 September, according to the Mortgage Bankers Association of America.
The refinance index slipped 1% from the previous week and 83% when compared to the same week a year earlier, while the seasonally adjusted purchase index decreased 1% week-on-week.
Elsewhere, data from the Bureau of Economic Analysis revealed the US trade balance narrowed by $10.2bn in July to a nine-month low of $70.7bn, with exports up 0.2% to a fresh record high of $259.3bn and imports slipping 2.9% to $329.9bn.
In equities, Globalstar slipped 1.44% even after it confirmed it would be the satellite operator for the new emergency location and communication service being debuted on Apple's next generation of iPhones.
Apple itself was ahead 0.93% on the back of the iPhone 14, as well as a new model of AirPods Pro and three new Apple Watch products.
Elsewhere, big-box retailer Target jumped 4.41% after it said it would end its executive retirement policy, allowing 63-year-old chief executive Brian Cornell the chance to remain at the helm for another three years.
Reporting by Josh White at Sharecast.com. Additional reporting by Iain Gilbert.
Dow Jones - Risers
3M Co. (MMM) $120.55 3.39%
Nike Inc. (NKE) $108.46 3.17%
Home Depot Inc. (HD) $297.47 2.74%
Walmart Inc. (WMT) $135.74 2.57%
American Express Co. (AXP) $152.25 2.46%
Walt Disney Co. (DIS) $112.69 2.36%
Boeing Co. (BA) $155.95 2.34%
Walgreens Boots Alliance, Inc. (WBA) $36.08 2.15%
Microsoft Corp. (MSFT) $258.09 1.91%
JP Morgan Chase & Co. (JPM) $115.90 1.90%
Dow Jones - Fallers
Chevron Corp. (CVX) $155.11 -1.28%
Verizon Communications Inc. (VZ) $41.08 -0.05%
Dowdupont Inc. (DWDP) $0.00 0.00%
Honeywell International Inc. (HON) $0.00 0.00%
Caterpillar Inc. (CAT) $180.86 0.11%
Merck & Co. Inc. (MRK) $86.87 0.52%
Johnson & Johnson (JNJ) $163.94 0.55%
Unitedhealth Group Inc. (UNH) $521.68 0.77%
International Business Machines Corporation (CDI) (IBM) $127.71 0.78%
Dow Chemical Co. (DOW) $48.97 0.78%
S&P 500 - Risers
Baxter International Inc. (BAX) $58.73 7.45%
Twitter Inc (TWTR) $41.20 6.60%
Ross Stores Inc. (ROST) $92.14 6.25%
Dish Network Corp. (DISH) $17.68 6.12%
Public Service Enterprise Group Inc. (PEG) $67.23 5.82%
Ball Corp (BALL) $58.64 5.58%
United Airlines Holdings Inc (UAL) $38.60 5.52%
Norwegian Cruise Line Holdings Ltd (NCLH) $14.04 5.41%
Harley-Davidson Inc. (HOG) $39.79 5.29%
VF Corp. (VFC) $42.38 5.29%
S&P 500 - Fallers
Apache Corp. (APA) $36.67 -3.04%
Halliburton Co. (HAL) $28.68 -2.85%
Eog Resources Inc. (EOG) $117.18 -2.60%
Helmerich & Payne Inc. (HP) $42.21 -2.47%
Marathon Oil Corp. (MRO) $24.92 -2.35%
Occidental Petroleum Corp. (OXY) $65.43 -2.17%
Pioneer Natural Resources Co. (PXD) $234.54 -1.86%
Diamondback Energy Inc. (FANG) $131.57 -1.82%
ConocoPhillips (COP) $106.76 -1.72%
Devon Energy Corp. (DVN) $68.36 -1.70%
Nasdaq 100 - Risers
Ross Stores Inc. (ROST) $92.14 6.25%
Dish Network Corp. (DISH) $17.68 6.12%
American Airlines Group (AAL) $13.89 5.07%
Netflix Inc. (NFLX) $228.96 4.84%
Align Technology Inc. (ALGN) $249.94 4.58%
Starbucks Corp. (SBUX) $88.31 4.48%
Intuitive Surgical Inc. (ISRG) $210.87 4.24%
Autodesk Inc. (ADSK) $206.19 4.04%
Intuit Inc. (INTU) $435.29 3.95%
Regeneron Pharmaceuticals Inc. (REGN) $596.44 3.91%
Nasdaq 100 - Fallers
Vodafone Group Plc ADS (VOD) $12.74 -2.30%
Micron Technology Inc. (MU) $55.00 -0.42%
Kraft Heinz Co. (KHC) $37.32 -0.29%
Mylan Inc. (MYL) $0.00 0.00%
Celgene Corp. (CELG) $0.00 0.00%
Alexion Pharmaceuticals Inc. (ALXN) $0.00 0.00%
Maxim Integrated Products Inc. (MXIM) $0.00 0.00%
Shire Plc Ads (SHPG) $0.00 0.00%
Xilinx Inc. (XLNX) $0.00 0.00%
Cerner Corp. (CERN) $0.00 0.00%