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Summary
- The Wall Street equity indices extended their rally to the third consecutive day on Wednesday on strong corporate earnings and better-than-expected hiring data.
- Shares of Google’s parent Alphabet closed up 7.28 per cent, while Amazon stock dipped and finally settled down 2 per cent.
- While the Dow Jones Industrial Average closed higher by 36.12 points, or 0.12 per cent, to 30,723.60, the S&P 500 advanced 3.86 points, or 0.10 per cent, to 3,830.17. The NASDAQ Composite finally closed down just 2.23 points, or 0.016 per cent, to 13,610.54.
The major Wall Street equity indices extended their rally to the third consecutive day on Wednesday on strong corporate earnings and better-than-expected hiring data. Shares of Google’s parent Alphabet closed up 7.28 per cent after the company reported 23 per cent revenue growth as its advertising business recovered.
Image Source: © Revoc9 | Megapixl.com
Despite delivering its biggest all-time revenue of US$125.56 billion, Amazon shares dipped and finally settled down 2 per cent after founder Jeff Bezos’ surprise move to step down as chief executive. Qualcomm, eBay, PayPal and Yum China are the major companies to report their quarterly results after market close on Wednesday.
While the Dow Jones Industrial Average closed higher by 36.12 points, or 0.12 per cent, to 30,723.60, the S&P 500 advanced 3.86 points, or 0.10 per cent, to 3,830.17. The NASDAQ Composite closed down just 2.23 points, or 0.016 per cent, to 13,610.54. The three indices are trading higher this week after recording losses in the last. While the Dow is up 2 per cent, the S&P 500 has jumped over 3 per cent this week. The tech-heavy NASDAQ is up more than 4 per cent.
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The Cboe Volatility index also eased in today’s session.
On the other hand, shares of GameStop recovered nearly 14 per cent, after almost halving in value on Tuesday. AMC Entertainment shares closed higher 14.71 per cent.
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Meeting on market volatility
The US Treasury Secretary Janet Yellen is holding a meeting this week with top officials amid ongoing volatility in the market due to the retail trading frenzy in shares of GameStop, silver and other select stocks.
US economy
The investors also cheered the ADP Report, which showed a rebound in hiring by the US private employers. In January, 174,000 jobs were added by the private firms, much above the estimates. The activity in the US services industry was recorded at its highest level in about two years in January. The market is also tracking stimulus package negotiations in the Washington D.C. after President Joe Biden met with 10 Republican senators on Monday, who urged for a smaller stimulus package.
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