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The S&P 500 rose for the fourth day in a row Wednesday, as Alphabet propelled gains in tech thanks to strong quarterly earnings.
The Dow Jones Industrials spiked 224.09 points to close Wednesday’s session at 35,629.33
The S&P 500 gained 42.84 points to 4,589.38.
The NASDAQ jumped 71.54 points to 14,417.55.
Big tech names, which led the market selloff in January, have been key drivers of the four-day rebound as investors refocused their attention on earnings season, after mega cap tech companies continued reporting strong quarterly results and forward guidance.
Shares of Google-parent Alphabet popped more than 7.3% after its quarterly numbers topped analyst expectations. The company reported a quarterly beat on the top and bottom lines and announced a 20-for-one stock split.
Chipmaker Advanced Micro Devices gained 5.1% on strong earnings and guidance. Qualcomm rose 6.2% ahead of its quarterly earnings report after the closing bell. Match Group rose 5.2% after the company posted a jump in profits that beat analysts’ estimates.
Facebook parent Meta Platforms, which is also scheduled to report earnings after the closing bell, added 1.2%. Microsoft rose 1.5%.
Elsewhere, General Motors shares dipped 1% after coming up light on quarterly revenue, despite beating earnings estimates and raising its 2022 forecast.
PayPal slid 24.5% after issuing disappointing guidance for the current quarter, which it blamed on inflation. Starbucks dipped slightly after the company
Earnings season continues on Wednesday with key reporting from Meta Platforms, formerly Facebook, and Qualcomm. AbbVie, D.R. Horton and T-Mobile also report earnings on Wednesday.
So far this earnings season, more than 36% of the S&P 500 has reported and more than 78% have topped Wall Street’s expectations.
On the economic front, private payroll data fell by 301,000 for the month of January, which was down from December’s growth of 807,000 private payrolls, ADP reported Wednesday. Economists polled by Dow Jones were expecting 200,000 private jobs were added in January.
Prices for 10-year Treasurys gained ground, lowering yields to 1.77% from Tuesday’s 1.80%. Treasury prices and yields move in opposite directions.
Oil prices re-strengthened 16 cents to $88.36 U.S. a barrel.
Gold prices added $4.90 to $1,866.40 U.S. an ounce.
