US stocks rallied on Wednesday after an unexpected rise in US retail sales during January suggested consumer spending would hold up and help the economy avert a recession. The technology sector rose on stronger-than-expected earnings from Applied Materials, the biggest producer of chip-making equipment.
Its shares rose 6.8 percent. The semiconductor index advanced 2.9 percent. Industrial companies, which are particularly dependent on economic growth, supplied the top boost to the Dow. Diversified manufacturer 3M rose 2.6 percent to $81.22
The Dow Jones industrial average was up 155.75 points, or 1.26 percent, at 12,529.16. The Standard & Poor's 500 Index was up 16.34 points, or 1.21 percent, at 1,365.20. The Nasdaq Composite Index was up 48.06 points, or 2.07 percent, at 2,368.10. Shares of General Electric Co, rose 1.6 percent to $34.94 while Chevron Corp climbed 1.7 percent to $81.90.