"Tech Stocks Rally, Wall Street Closes Higher on Upbeat Economic Data"

Wall Street rebounded as upbeat economic data, including unexpected rises in new orders for capital goods and sales of new homes, eased concerns of an imminent recession caused by the Federal Reserve's interest rate hikes. The positive data, along with potential quarter-end window-dressing by fund managers, prompted investors to buy back into stocks. The Dow Jones Industrial Average snapped a six-day losing streak, while the S&P 500 and Nasdaq Composite also posted gains. The signs of U.S. economic resilience boosted the Russell 2000 and PHLX Housing index, and traders are pricing in a higher chance of a rate hike in July.