The Dow climbed nearly seven tenths of one percent, the S&P 500 rose three tenths and the tech-heavy Nasdaq added two tenths.
Chip stocks rallied after Micron Technology posted a surprise quarterly profit and said it expects revenue in the current quarter to top estimates.
The stock jumped 14% and hit an all-time high during the session.
Penn Mutual Asset Management Porfolio Manager George Cipolloni says it's another example of artificial intelligence boosting the market.
"Micron's in an area in, in memory that's really been a strong laggard over the past year and a half. And one of the things they cited was this new form of memory HBM that NVIDIA's CEO said is vital to AI and and obviously that stock just just ripped and and just made it a new all-time high. And so that's the environment that we are in the market wants growth. It's getting it from this one major sub sector and it's becoming bigger and bigger."
Other stocks on the move included Apple which dropped four percent after the U.S. Department of Justice sued the iPhone maker, the first major antitrust effort against the company by the Biden administration, alleging it monopolized smartphone markets.
And Reddit. Shares of the social media platform soared on their first day of trading, closing 48% percent above its $34 IPO price.
