Stocks closed higher Wednesday as growth-oriented names outperformed. Micron Technology (MU) was one of the day's biggest gainers after the memory chipmaker reported earnings and its CEO gave an upbeat outlook for the semiconductor market. Bank stocks helped boost markets, too, as Wall Street cheered news of UBS Group's (UBS, +4.3%) C-suite shake-up.
Taking a closer look at Micron, the company reported fiscal second-quarter earnings that were a far cry from last year's results. MU recorded a $2.3 billion loss for the three-month period vs a year-ago profit of $2.14 per share. Revenue slumped 53% to $3.7 billion.
However, the company guided for higher-than-expected current-quarter results. Additionally, CEO Sanjay Mehrotra said during the earnings call that he sees a "gradually improving supply/demand balance in the months ahead." MU shares rose 7.2% on the day, lifting fellow semiconductor stocks including Intel (INTC, +7.6%) and Nvidia (NVDA, +2.2%).
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Financial stocks were another pocket of strength today. Propping up the sector was news that UBS Group has brought back former CEO Sergio Ermotti to help guide the company following its takeover of rival Credit Suisse (CS, +2.8%). Ermotti formerly served as chief executive at UBS from 2011-2020, and he's credited with helping the company find its footing after the 2008 global financial crisis.
Also moving higher was Lululemon Athletica (LULU), which popped 12.7% after earnings. The athleisure apparel maker reported higher-than-expected fiscal fourth-quarter earnings of 94 cents per share on inline revenue of $2.8 billion. LULU also gave an upbeat revenue outlook for its new fiscal year.
At the close, the tech-heavy Nasdaq Composite was up 1.8% at 11,926, the blue chip Dow Jones Industrial Average was 1.0% higher at 32,717, and the broader S&P 500 had gained 1.4% to 4,027.
The Kip 25: our favorite low-cost mutual funds
The month of March has been one for the history books. Indeed, over the past 30 days investors have had to contend with a Fed that was looking to ramp up the size of interest rate hikes suddenly face the worst banking crisis since the Great Recession – all of which sent government bond yields on a record-setting roller-coaster ride. Still, the S&P 500 and Nasdaq are poised to end the month higher.
"What we've seen so far this March has been unbelievable in so many ways," writes Ryan Detrick, chief market strategist at Carson Group, in a recent blog post. "In fact, at the start of the month, if someone would have told you all the incredible things that would happen, yet stocks would take it in stride, I'm not sure most of us would ever believe it."
If nothing else, this is a good reminder that those who keep calmer heads tend to prevail. That's why investors who struggle with shutting out the noise might want to let someone else guide them and their portfolios. We've recently updated our running list of the best low-cost mutual funds investors can buy. Several of our picks have changed over the last year to account for the changing dynamics of both the market and the economy, but one thing has stayed the same: Our Kiplinger 25 is made up of our favorite cheap funds managed by tenured stock pickers.
-
Quiz: How Much Do You Know About Taxes on Social Security Benefits?Quiz Social Security benefits often come with confusing IRS tax rules that can trip up financially savvy retirees and near-retirees.
-
Are You Ready for 65? The Medicare Initial Enrollment Period QuizQuiz Turning 65 soon? Test your basic knowledge of Medicare's Initial Enrollment Period (IEP) rules in our quick quiz.
-
3 Ways to Stretch the 2026 Social Security COLA For Your BudgetThree steps retirees can take to stretch the Social Security COLA to fit their budgets.
-
Dow Slides 427 Points to Open December: Stock Market TodayThe final month of 2025 begins on a negative note after stocks ended November with a startling rally.
-
If You'd Put $1,000 Into Coca-Cola Stock 20 Years Ago, Here's What You'd Have TodayEven with its reliable dividend growth and generous stock buybacks, Coca-Cola has underperformed the broad market over the long term.
-
If You Put $1,000 into Qualcomm Stock 20 Years Ago, Here's What You Would Have TodayQualcomm stock has been a big disappointment for truly long-term investors.
-
Stocks Extend Win Streak on Black Friday: Stock Market TodayThe main indexes notched wins in Friday's shortened session, with the blue-chip Dow Jones Industrial Average closing higher on the month.
-
Dow Adds 314 Points to Thanksgiving Rally: Stock Market TodayInvestors, traders and speculators enjoy the best Thanksgiving Week gains for the major stock market indexes in more than a decade.
-
Dow Gains 664 Points as Rate-Cut Hopes Rise: Stock Market TodayMarkets are pricing in higher odds for a December rate cut, fueling a major rally in stocks ahead of the Thanksgiving holiday.
-
Nasdaq Rises 2.7% as Musk Tweets TSLA Higher: Stock Market TodayMarkets follow through on Friday's reversal rally with even bigger moves on Monday.
-
Dow Erases 717-Point Gain to End Lower: Stock Market TodayThe main indexes started the day with solid gains, but worries of an AI bubble weighed on stocks into the close.
