Tech stocks are nearing their first record high since July as dip-buyers get their wish. Nvidia is the ‘single most important company’ for investors. These numbers prove why. This five-star fund’s formula rode Super Micro’s gain, while its disciplined strategy avoided the stock’s brutal decline.

The S&P 500 is on track to report 7% year-per-year earnings growth for the third quarter, according to estimates from FactSet.

While selling was mostly concentrated in the semiconductor sector, stocks in other areas of the market continued to climb. As a result, the percentage of S&P 500 members whose shares hit fresh 20-day highs hit 37%, the highest reading in months, according to Renaissance Macro's Jeff deGraaf.

U.S. stocks are rising Wednesday following better-than-expected profit reports from Morgan Stanley, United Airlines and other big companies. The S&P 500 was 0.5% higher in afternoon trading, a day after sliding from its all-time high because of tumbling energy and technology stocks.