Wall St resumes rally, led by Nasdaq as chipmakers soar

The Dow Jones Industrial Average .DJI rose 349.44 points, or 1.02%, to 34,707.94, the S&P 500 .SPX gained 63.92 points, or 1.43%, to 4,520.16 and the Nasdaq Composite .IXIC added 269.24 points, or 1.93%, to 14,191.84.

NEW YORK: Major U.S. stock indexes rallied more than 1% on Thursday, extending the market's recent rebound, as investors snapped up beaten-down shares of chipmakers and big growth names and as oil prices dropped.

Nvidia Corp's stock NVDA.Ogained 9.8%, leading a rally across the chip sector and hitting its highest level since mid-January. Intel Corp INTC.Oclimbed 6.9%, and both stocks helped to boost the S&P 500 and the Nasdaq.