Wall Street gained overnight, following a three-day slump, as investors found value in the same stocks that had been sold off recently.
Shares of Yahoo! rose 4 per cent, Google added 3.1 per cent, while Facebook gained 2.3 per cent, rebounding from slides in recent days amid concern over lofty valuations.
"A lot of these growth stocks had been taken down 10 to 20 per cent, but usually that loss finds a bottom," Mark Luschini, chief investment strategist at Philadelphia-based Janney Montgomery Scott, told Bloomberg News.
In afternoon trading in New York, the Dow Jones Industrial Average rose 0.24 per cent, the Standard & Poor's 500 Index gained 0.46 per cent, while the Nasdaq Composite Index climbed 0.90 per cent.
Gains in shares of Nike and Caterpillar, last up 3 per cent and 1.6 per cent respectively, helped propel the Dow higher.