Advertisment
U.S. stocks rose on Wednesday led by a rebound in cyclical names as equities tried to recover from two straight days of losses.
The Dow Jones Industrials restocked 204.85 points to pause for lunch Wednesday at 34,026.15
The S&P 500 regained 26.28 points to 4,161.22.
The NASDAQ Composite popped 103.64 points to 13,889.91.
Shares of Norwegian Cruise Line Holdings led a pop in reopening plays after Goldman Sachs upgraded the stock. Norwegian jumped more than 7%, while Carnival and Royal Caribbean rose about 3% each.
United Airlines rebounded 2% after plunging 8.5% on Tuesday after the carrier reported its fifth consecutive quarterly loss and said that business and international travel is still far from a recovery. The State Department said it would increase “do not travel” advisories to 80% of the world’s countries, adding that the pandemic presents an "unprecedented risk to travelers."
Netflix shares plunged about 8% after the streaming giant reported subscriber additions that fell far short of Wall Street estimates as the demand surge from the pandemic started to fade. The company also said it only expects to add about 1 million subscribers in the current quarter, well below estimates. Shares of Roku fell 3% in sympathy.
More than 70 S&P 500 companies have reported so far, and they posted a 23% upside to analysts’ earnings expectations on average.
The State Department said it would increase "do-not-travel" advisories to 80% of the world’s countries, adding that the pandemic presents an "unprecedented risk to travelers."
Prices for 10-Year Treasurys slid, raising yields to 1.57% from Tuesday’s 1.56%. Treasury prices and yields move in opposite directions.
Oil prices doffed 80 cents to $61.87 U.S. a barrel.
Gold prices zoomed $16.50 to $1,794.70 U.S. an ounce.
