S&P 500 ekes out small gain for its third positive day, Alphabet pops
The S&P 500 climbed slightly on Wednesday, rising for a third straight day as investors digested a wave of corporate earnings.
The broad equity benchmark rose 0.1% to 3,830.17, supported by energy and communication services. The Dow Jones Industrial Average gained 36.12 points, or 0.1%, to 30,723.60. The tech-heavy Nasdaq Composite dipped less than 0.1% to 13,610.54 amid a drop in Amazon shares.
Shares of Google’s parent Alphabet jumped 7.3% after the technology giant reported 23% revenue growth and topped estimates for earnings, boosted by Google’s recovering advertising business.
Amazon reported earnings that nearly doubled Wall Street estimates, while delivering its biggest revenue of all time at $125.56 billion, pushing it past the symbolic $100 billion mark for the first time. The ecommerce leader also announced that Jeff Bezos is stepping down as CEO. Amazon’s stock fell 2%.
Amgen fell 1.4% after the biotech firm issued a weaker-than-expected full year outlook, noting that the pandemic would continue to hurt sales. Amgen was the biggest loser in the blue-chip Dow.
Investors cheered a rebound in U.S. employment last month. A report Wednesday from payroll processing firm ADP showed private firms added 174,000 jobs in January, above the 50,000 Dow Jones estimate.
Stock futures open higher as S&P 500 looks to extend win streak
Futures contracts tied to the major U.S. stock indexes rose at the start of the overnight session Wednesday evening, suggesting an extension to the S&P 500′s three-day win streak on Thursday.
Dow futures rose 66 around 6 p.m. in New York while S&P 500 contracts added a similar 0.3%. Nasdaq 100 futures climbed 0.4%.
Reference: CNBC
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