US stocks rose Wednesday as large-cap tech took the lead after Google and AMD’s strong quarterly results.
The Dow Jones Industrial Average tackled on 224 points or 0.6%, while the S&P 500 and Nasdaq rose 0.5% and 0.9%, respectively. All three of the major averages rose for a fourth straight session.
|I:DJI||DOW JONES AVERAGE||35356.65||-272.68||-0.77%|
|I:COMP||NASDAQ COMPOSITE INDEX||14049.890709||-367.66||-2.55%|
The gains came even after US companies unexpectedly shed 301,000, according to ADP, which is viewed as a precursor to the monthly government report due Friday, which is expected to signal job creation of 153,000 roles.
US COMPANIES UNEXPECTEDLY SHED 301,000 JOBS
Shares of Alphabet, parent of Google, surged over 7% after revenue topped $72 billion and the company announced a 20-for-1 stock split.
AMD also rose 5% after revenue jumped 49% to $4.8 billion, exceeding estimates. Other chipmakers rose in tandem, including Qualcomm, Nvidia and Xilinx.
|AMD||ADVANCED MICRO DEVICES INC.||122.35||-0.41||-0.33%|
General Motors slipped even after profits rose 56% helped by higher car prices as the supply chain crisis ramps up costs.
|GM||GENERAL MOTORS CO.||53.03||-0.45||-0.83%|
|f||FORD MOTOR CO.||20.16||-0.46||-2.21%|
After the close of trading, Meta Platforms, formerly Facebook, will report earnings.
|FB||META PLATFORMS INC.||238.85||-84.14||-26.05%|
PayPal fell after its guidance disappointed Wall Street, partner eBay is transitioning to a managed payments system of its own, a move that cost PayPal $1.4 billion the company disclosed.
|PYPL||PAYPAL HOLDINGS INC.||124.70||-7.87||-5.94%|
CNN President Jeff Zucker resigned for failing to disclose a relationship with a co-worker. AT&T, which owns the cable channel via WarnerMedia, inch higher.
In commodities, oil topped $89 per barrel before settling at $88.26 per barrel.
|USO||UNITED STATES OIL FUND LP||63.45||+0.92||+1.47%|
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In cryptocurrencies, Bitcoin was range bound between $37,000 and $38,000.
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The Associated Press contributed to this report.