Stocks Buoyed by Apple Gains, Dow Ahead 100
Stocks rose Wednesday, thanks to a jump in Apple, as investors analyzed the latest batch of corporate earnings following a negative session on Wall Street.
The Dow Jones Industrial Average recovered 119.37 points by noon Wednesday at 44,231.11.
The S&P 500 strengthened 46.62 points to 6,345.81
The NASDAQ zoomed 216.87 points, or 1%, to 20,133.42
Supporting those gains, Apple jumped 5% after a White House official confirmed that the iPhone maker is going to boost its investment in domestic manufacturing by $100 billion. That brings its total U.S. investment to $600 billion over the next four years.
Those moves follow a losing day for the market, marking the S&P 500's fifth down day of the last six and the Dow’s sixth negative session of the past seven.
Meanwhile, earnings season continues with companies reporting strong results, with 81% of S&P 500 companies that have reported to date trouncing expectations.
Among the day’s outperformers, McDonald’s moved 2% higher after the fast-food restaurant chain’s second-quarter results beat the Street’s estimates on the top and bottom lines. Same-store sales grew at the fastest pace in almost two years. Arista Networks also rallied 17% on a stronger-than-expected report.
On the flip side, Snap shares tumbled 17% after revenue came in slightly below expectations, while Advanced Micro Devices fell 6% after posting adjusted earnings per share that missed estimates.
Prices for 10-year Treasury fell slightly, pushing yields up to 4.23% from 4.20%. Treasury prices and yields move in opposite directions.
Oil prices changed direction and sank 28 cents to $64.88 U.S. a barrel.
Gold prices poked higher two dollars at $3,436.70 U.S. an ounce.
