The S&P 500 has notched its biggest daily gain in two weeks as investors shrugged off the news of an impeachment inquiry into US President Donald Trump, while Nike shares jumped on upbeat quarterly results. Stocks rose on Wednesday as investors digested the news, recovering from losses on Tuesday as the impeachment push gained momentum.

Helping sentiment, data showed that sales of new US single-family homes rebounded more than expected in August, a sign that the struggling housing market was starting to get a lift from lower borrowing rates. Nike shares jumped 4.2 per cent after the company’s first-quarter results beat market expectations.

The Dow Jones Industrial Average rose 162.94 points, or 0.61 per cent, to 26,970.71, the S&P 500 gained 18.27 points, or 0.62 per cent, to 2984.87 and the Nasdaq Composite added 83.76 points, or 1.05 per cent, to 8077.38.

Among the day’s top sector performers were technology and communication services. The S&P 500 technology index was up 1.2 per cent, while the Philadelphia chip index gained 1.8 per cent. Michael Antonelli, market strategist at Robert W Baird in Milwaukee, said investors were paying attention to the data.


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