Major US indexes rose for the fourth time in a row on Wednesday, after Alphabet stimulated growth in the technology sector thanks to its strong quarterly report, CNBC reports.
The Dow Jones Industrial Average added 224 points to 35,629.33 points. The broad S&P 500 is up 0.9% to 4,589.36 points. The Nasdaq Composite technology index advanced 0.5% to 14,417.55 points.
Major US indexes rose for the fourth time in a row on Wednesday, after Alphabet stimulated growth in the technology sector thanks to its strong quarterly report, CNBC reports.
The Dow Jones Industrial Average added 224 points to 35,629.33 points. The broad S&P 500 is up 0.9% to 4,589.36 points. The Nasdaq Composite technology index advanced 0.5% to 14,417.55 points.The big technology companies, which led the market in January, are key drivers for the four-day growth, as investors once again turned their attention to the reporting season as technology companies continue to publish strong quarterly results and raise expectations for the future.
Shares of the parent company of Google Alphabet rose by more than 7.3% after its quarterly results exceeded analysts’ expectations. The company announced higher than expected profits and announced a split in its shares by 1:20.
Chip maker Advanced Micro Devices added 5.1% after a strong report and expectations. Qualcomm’s share price rose 6.2% before the publication of its quarterly report after the end of trading. Shares of Match Group rose 5.2% after the company announced profit growth and exceeded analysts’ expectations.
General Motors’ share price fell 1% after the company did not meet expectations for its quarterly earnings, despite announcing higher-than-expected earnings and raising expectations for 2022. Shares of PayPal fell 24.5% after the company announced disappointing expectations for the current quarter due to inflation. Starbucks declined slightly after its report did not meet expectations and it lowered its earnings forecasts for fiscal 2022.The reporting season continues on Wednesday. In addition to Meta Platforms and Qualcomm, AbbVie, D.R. Horton and T-Mobile need to publish their results. In macroeconomic terms, private sector jobs fell by 301,000 in January from 807,000 in December, ADP said. Economists surveyed by Dow Jones expected 200,000 new jobs in the private sector to be added in January.In the foreign exchange markets, the dollar index, which tracks the performance of the US currency against a basket of six major currencies, is down 0.41% to 95.99 points. The euro rose 0.31% to $ 1.13 and the pound rose 0.39% to $ 1.357. Against the yen, US money fell 0.25% to 114.42 yen per dollar. In commodity markets, the price of oil rose after OPEC countries and their allies confirmed their plans to increase production by 400,000 barrels per day in March.Futures on the international benchmark Brent rose 0.35% to $ 89.47 a barrel. Contracts for US light crude oil WTI advanced six cents to $ 88.26 a barrel. US gold futures added 0.5% to $ 1,810.30 an ounce.