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Energy, Tech Lead Rally; Dow Roars Higher, Up 369

John Divine

The market's focus on an economic reopening in the U.S. continued on Wednesday, rebounding from a selloff on Tuesday. All 50 states are in the process of opening back up.

A resilient technology sector continued to fare better than the rest of the market as software promises to play a larger and larger role in a struggling economy, and a rebound in oil prices also continued on Wednesday as hopes for strengthening demand gained steam.

The Dow Jones Industrial Average added 369 points, or 1.5%, to finish at 24,575.

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Apple, Google release contact-tracing tech. A hyped technology from Apple (ticker: AAPL) and Alphabet's ( GOOG, GOOGL) Google, the two biggest smartphone OS companies, emerged on Wednesday. Without reliable, widespread testing or a vaccine, tracing the people you've come into contact could be a vital method for slowing the virus' spread.

The system for contact tracing was launched in recent software updates to iOS and Android, and three states -- Alabama, South Carolina and North Dakota -- have committed to using it so far.

Facebook surges on online shopping rollout. Facebook ( FB) shares popped on Wednesday, jumping 6% as the social media giant rolled out an online shopping feature that some analysts are predicting could bring upwards of $30 billion in additional revenue.

Facebook Shops will utilize the company's sprawling online presence and billions of users, as well as its messaging capabilities, which span the properties of Facebook and Facebook Messenger, Instagram and WhatsApp.

Oil: Back in vogue! Oil traders are merrily forgetting the woes that plagued the industry less than a month ago, when barrels of oil briefly traded at $37 per barrel. Those were barrels for May delivery, however, and June delivery, well June delivery is a totally different story, it would seem. After a rush to boost storage capacity and improving prospects for demand, the price of oil has been rallying of recent, crude prices rose about 5% on Wednesday, finishing above the $33 level.



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