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U.S. Stocks End Wednesday Higher
(MENAFN) U.S. equity markets closed sharply higher Wednesday after reports surfaced suggesting Washington may be nearing a deal to end the Middle East conflict, sending crude prices lower and lifting investor confidence — amplified further by a broadly strong corporate earnings season.
The Dow Jones Industrial Average added 612.34 points, or 1.24 percent, finishing at 49,910.59. The S&P 500 gained 105.90 points, or 1.46 percent, to close at 7,365.12. The Nasdaq Composite Index rose 512.81 points, or 2.02 percent, to end at 25,838.94.
Ten of eleven primary S&P 500 sectors advanced, with industrials and technology pacing the gains at 2.60 and 2.56 percent, respectively. Energy and utilities were the lone decliners, shedding 4.07 and 1.45 percent.
Sentiment received a significant boost from media reports indicating the United States believes it is close to a memorandum of understanding with Iran. Adding to the bullish backdrop, approximately 85 percent of reporting S&P 500 companies have topped profit forecasts this earnings season, while about 77 percent have delivered revenue upside surprises.
In tech, chipmaker Advanced Micro Devices and hardware maker Supermicro surged after issuing better-than-expected quarterly guidance. Ride-hailing leader Uber jumped approximately 8.53 percent, while CVS Health and Walt Disney gained 7.65 and 7.54 percent, respectively. Novo Nordisk added nearly 2 percent, while Restaurant Brands International — parent of Burger King — slipped 5.47 percent.
Chip designer Arm Holdings rocketed 13.63 percent ahead of its after-hours report, while AppLovin edged down roughly 2 percent.
Markets now turn their attention to April jobs data from consulting firm Challenger, Gray & Christmas, due Thursday.
The Dow Jones Industrial Average added 612.34 points, or 1.24 percent, finishing at 49,910.59. The S&P 500 gained 105.90 points, or 1.46 percent, to close at 7,365.12. The Nasdaq Composite Index rose 512.81 points, or 2.02 percent, to end at 25,838.94.
Ten of eleven primary S&P 500 sectors advanced, with industrials and technology pacing the gains at 2.60 and 2.56 percent, respectively. Energy and utilities were the lone decliners, shedding 4.07 and 1.45 percent.
Sentiment received a significant boost from media reports indicating the United States believes it is close to a memorandum of understanding with Iran. Adding to the bullish backdrop, approximately 85 percent of reporting S&P 500 companies have topped profit forecasts this earnings season, while about 77 percent have delivered revenue upside surprises.
In tech, chipmaker Advanced Micro Devices and hardware maker Supermicro surged after issuing better-than-expected quarterly guidance. Ride-hailing leader Uber jumped approximately 8.53 percent, while CVS Health and Walt Disney gained 7.65 and 7.54 percent, respectively. Novo Nordisk added nearly 2 percent, while Restaurant Brands International — parent of Burger King — slipped 5.47 percent.
Chip designer Arm Holdings rocketed 13.63 percent ahead of its after-hours report, while AppLovin edged down roughly 2 percent.
Markets now turn their attention to April jobs data from consulting firm Challenger, Gray & Christmas, due Thursday.
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