Stocks rose during regular trading hours on Wednesday, snapping a two-day losing streak, as companies tied to the economy reopening led the way higher.
The S&P 500 gained 38.48 points, or 0.9%, to 4173.42, with gains accelerating later in the session. The Nasdaq Composite added 163.95 points, 1.2%, to 13950.22. The Dow Jones Industrial Average added 316.01 points, or 0.9%, to 34137.31.
Small caps were a particular point of strength during the session, with the Russell 2000 ending the day 2.35% higher for its best day since March 1. The Dow and S&P 500 are less than 1% away from reclaiming their record highs, reached last Friday, amid ongoing optimism over the pace of the economic recovery.
Leading stocks rebounded amid solid earnings reports after a couple of rough days as Bitcoin-related plays such as Coinbase (COIN) and Tesla stock tested key support. Apple (AAPL) and Google parent Alphabet (GOOGL) faced scrutiny for their app store fees and rules.
A busy week of earnings season will continue on Thursday with a host of companies set to report quarterly results.
AT&T, D.R. Horton, Southwest, American Airlines, Union Pacific, and Biogen are among the names on deck before the opening bell. Intel, Snap, Mattel, Boston Beer, and Seagate Technology will report after the market closes.
Chipotle shares rose slightly after the company released its first-quarter results. Chipotle posted earnings per share of $5.36 on revenue of $1.74 billion.
Lam Research earnings topped Q3 views while the chip-gear maker also guided up for the current Q4. LRCX stock dipped 1% overnight. Shares rose 4.6% to 641.25 on Wednesday.
Fellow chip-gear giant ASML (ASML) beat views and raised guidance before Wednesday’s open. ASML stock jumped 6.25% on Wednesday, also lifting Lam Research and other chip plays.
Early Thursday, HCA Healthcare (HCA) reports, following upbeat earnings from rival hospital operator Tenet Healthcare (THC) as well as several other medical plays.HCA stock rose 2.4% on Wednesday, back in a buy range as THC stock also popped 4.8%.
The stock of UiPath Inc. rose by 23% in its market debut, giving the company that helps other businesses automate repetitive tasks a valuation of roughly $36 billion.
Shares closed on Wednesday at $69, above the initial public offering price of $56.
UiPath, founded in Romania in 2005 and now based in New York City, is one of several companies that bet on RPA, short for robotic process automation, and other automation solutions as a ticket to efficiency. One of UiPath’s greatest strengths is its ability to keep customers and encourage them to increase spending over time.
In its last fiscal year, UiPath reported net revenue retention of 145%, meaning the average existing customer increased spending by 45% from the prior year.
Meanwhile, Coronavirus cases worldwide reached 144.43 million. Covid-19 deaths topped 3.07 million.
Coronavirus cases in the U.S. have hit 32.60 million, with deaths above 583,000.
Global coronavirus cases have skyrocketed to record levels, with Indian infections erupting with several other countries reporting heavy new cases leading to partial and even complete lockdowns.
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