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Stocks rose Wednesday, with the NASDAQ Composite hitting a fresh all-time high as investors cheered Alphabet’s better-than-expected earnings and looked toward more reports from mega cap technology companies.
The Dow Jones Industrials gained 162.58 points to open Wednesday at 42,395.63
The S&P 500 index moved ahead 12.02 points to 5,844.94.
The NASDAQ surged 62.52 points to 18,775.27.
Alphabet kicked off a major week for megacap tech earnings. The Google parent exceeded analysts’ expectations as the company saw strong quarterly revenue growth from its cloud business. Shares surged more than 6%.
Elsewhere on the earnings front, results were more mixed. Chipmaker AMD slid 10% as its fourth-quarter revenue guidance failed to impress investors. The broader semiconductor sector fell on the day as shares of Super Micro Computer plunged 32%.
Construction equipment stock Caterpillar underperformed the rest of the Dow. Shares dropped 4% Wednesday after the company missed on earnings in the third quarter and lowered its full-year revenue guidance.
Tech titans Meta Platforms and Microsoft are set to report on Wednesday, while Apple and Amazon are due Thursday.
On the economic front, the latest numbers pointed to a mixed backdrop.
The U.S. economy grew at a slower-than-expected rate in the third quarter, according to gross domestic product figures for the third quarter. GDP rose at a 2.8% annualized rate, while economists surveyed by Dow Jones had been looking for an increase of 3.1%.
However, payrolls data on Wednesday pointed to a stronger-than-expected labor market. According to the latest ADP report for October, private-job creation jumped to its highest level in more than a year.
Prices for the 10-year Treasury picked up steam Wednesday, lowering yields to 4.24% from Tuesday’s 4.26%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.14 to $68.35 U.S. a barrel.
Prices for gold improved $9.10 an ounce to $2.790.20 U.S.
