WASHINGTON (dpa-AFX) - After moving mostly higher early in the session, stocks saw further upside over the course of the trading day on Wednesday. The major averages all moved to the upside on the day, with the tech-heavy Nasdaq leading the charge.
The Nasdaq jumped 252.87 points or 1.2 percent to 21,169.42 and the S&P 500 climbed 45.87 points or 0.7 percent to 6,345.06. The narrower Dow posted a more modest gain, rising 81.38 points or 0.2 percent to 44,193.12.
Apple (AAPL) helped to lead the markets higher, with the tech giant surging by 5.1 percent following reports the company will announce plans to invest another $100 billion to expand its U.S. operations during a White House event later today.
'Today's announcement with Apple is another win for our manufacturing industry that will simultaneously help reshore the production of critical components to protect America's economic and national security,' White House spokesperson Taylor Rogers said in a statement to CNN.
Apple CEO Tim Cook is reportedly set to join President Donald Trump to announce plans to increase its total investment in the U.S. over the next four years to $600 billion.
Earlier in the day, stocks benefitted from a positive reaction to earnings news from companies like McDonald's (MCD), which jumped by 3.0 percent..
The gain by McDonald's came after the fast food giant reported second quarter results that exceeded analyst estimates on both the top and bottom lines.
Shares of Shopify (SHOP) also spiked by 22.0 percent after the e-commerce platform reported better than expected second quarter revenues and provided upbeat third quarter guidance.
On the other hand, shares of Super Micro Computer (SMCI) plunged by 18.3 percent after the server maker reported weaker than expected fiscal fourth quarter results and provided disappointing first quarter guidance.
Social media platform Snap (SNAP) also tumbled by 17.2 percent after reporting second quarter revenues that missed analyst estimates.
Shares of Disney (DIS) also moved to the downside after the entertainment giant reported mixed fiscal third quarter results.
Sector News
Networking stocks turned in some of the market's best performances on the day, with the NYSE Arca Networking Index surging by 5.6 percent to a record closing high.
Arista Networks (ANET) helped lead the sector higher, soaring by 17.5 percent after reporting better than expected second quarter results and boosting its guidance.
Significant strength was also visible among retail stocks, as reflected by the 2.8 percent jump by the Dow Jones U.S. Retail Index. Gold and airline stocks are turned in strong performances on the day.
On the other hand, pharmaceutical stocks showed a notable move to the downside, dragging the NYSE Arca Pharmaceutical Index down by 1.9 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Wednesday. Japan's Nikkei 225 Index advanced by 0.6 percent, while China's Shanghai Composite Index climbed by 0.5 percent.
The major European markets also moved to the upside on the day. While the German DAX Index rose by 0.3 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index both closed up by 0.2 percent.
In the bond market, treasuries moved lower after ending the previous session roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.4 basis points to 4.220 percent.
Looking Ahead
Trading on Thursday may be impacted by reaction to reports on weekly jobless claims and labor productivity and costs as well as the latest corporate earnings news.
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