(MENAFN- Baystreet.ca) Dow, Other Indices Stage Small Recovery
Stocks ticked higher Wednesday as traders mulled a stronger-than-expected retail sales along with the latest U.S. inflation data.
The Dow Jones Industrials recovered 39.07 points, to wrap up Wednesday at 34,128.34,
The S&P 500 was in the plus category 11.47 points to 4,147.60, lifted by shares of SolarEdge better by 9.1%, and Generac, which gained 8%.
The NASDAQ Composite jumped 110.45 points to 12,070.59, boosted by shares of Airbnb, which surged 13.4% after beating earnings expectations. Gains in Tesla, Rivian and Lucid also helped lead the index higher.
Investors will also continue to watch earnings results. Zillow, Shopify and DoorDash are some of the companies schedule to report this week.
Roughly three-quarters of S&P 500 companies have posted their latest results. Of those companies, 69% have beaten earnings expectations. That beat rate is below a three-year average of 79%,
January retail sales rose 3%, while economists polled by Dow Jones anticipated a 1.9% increase. The number signals that the U.S. economy is holding up despite increased rate hikes by the Federal Reserve to tame inflation.
Prices for the 10-year Treasury fell hard, raising yields to 3.80% from Tuesday's 3.75%. Treasury prices and yields move in opposite directions.
Oil prices was negative 40 cents to $78.66 U.S. a barrel.
Gold prices was $17.30 to the bad, finishing at $1,848.10 U.S. an ounce.
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