US Stock Market: DJIA, S&P500, Nasdaq and Russell rose 1% on Wednesday

On Wall Street on Wednesday, technology firms drove a wide surge in equities, bringing the market deeper into the green for the week. The S&P 500 increased by 1.5%, the Dow Jones Industrial Average up by 0.9%, and the tech-heavy Nasdaq composite increased by 2.1%. The indices began the day higher and never dipped into the red, a departure from the market’s previous bout of volatility.

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More than 85% of the S&P 500’s companies gained ground, with technology and communications firms accounting for the majority of the gains. Microsoft gained 2.2%, while Alphabet, Google’s parent company, gained 1.6%.

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Bond yields were mixed. The 10-year Treasury yield remained unchanged at 1.95%. It is still the highest level since before the pandemic began.

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The S&P 500 climbed 65.64 points to 4,587.18. The benchmark index is presently around 4.4% lower than its all-time high, which was reached on January 3. The Dow increased by 305.28 points to 35,768.06, while the Nasdaq increased by 295.92 points to 14,490.37. The main market indices are all on track to gain ground this week. Small-company stocks rose as well. The Russell 2000 index increased 38.13 points, or 1.9%, to 2,083.50.

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Chipotle Mexican Grill rose 10.2% after exceeding analysts’ fourth-quarter earnings and revenue projections. Due to increasing beef and labour expenses, the firm hiked menu pricing by 4% in December.

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On Wednesday, Wall Street reacted positively to the latest batch of corporate report cards. Yum Brands, which owns Taco Bell, climbed 2.2% after posting good fourth-quarter revenue. XPO Logistics, a freight transportation firm, surged 8.3% after announcing strong financial results.

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The Walt Disney Company and Uber both gained in after-hours trade after reporting results that exceeded Wall Street’s expectations.

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CVS dropped 5.4%, the most in the S&P 500, after providing investors with a dismal earnings outlook. On Thursday, Twitter and Coca-Cola will release their results.