Wall Street rose on Wednesday, with all major equity indices advancing as investors assessed the latest batch of corporate earnings and drew optimism from positive labor market data.
The S&P 500 gained 0.3% to 6,045 points, while the Dow Jones Industrial Average rose 0.6%, now trading less than 1% below its all-time high.
Alphabet Inc. (NASDAQ:GOOGL) missed quarterly earnings expectations on its cloud business, triggering a 7% drop, its worst single-day decline in a year. On the upside, Broadcom Inc. (NASDAQ:AVGO) surged 6% after beating estimates, fueling a rally in chip stocks. Nvidia Corp. (NASDAQ:NVDA) also gained 3.4%.
The Russell 2000 outperformed with a 0.9% gain, reflecting strength in smaller-cap stocks.
Fresh labor market data signaled resilience. Private sector employment rose by 183,000 in January according to the ADP report, surpassing expectations of 150,000. The services sector continued expanding, as per ISM survey, though at a slightly slower-than-anticipated pace.
Investors piled into Treasuries, sending yields tumbling across the curve. The 30-year yield fell to its lowest level since Dec. 18, 2024, while the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) rallied 1.9%.
Gold extended its bull run, surging over 1% to a …
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