BB:CC - Dow Surges 500+
Stocks rose for a second day Wednesday after earnings reports from two major bellwethers raised hopes that corporate earnings may be better than feared even with a potential looming recession.
The Dow Jones Industrials spiked 511.92 points, or 1.6%, to reach midday Wednesday at 33,139.99
The S&P 500 picked up 56.79 points, or 1.5% at 3,878.41.
The NASDAQ Composite Index leaped 168.84 points, or 1.6%, to 10,715.95.
Nike surged 13% after beating Wall Street's expectations for quarterly earnings and revenue. The sports apparel company showed progress in its attempt to clear through inventory, posting a decline over the previous quarter.
Meanwhile, FedEx gained 5% despite posting revenue that fell short of Wall Street's expectations with weakening demand. The package delivery giant beat consensus earnings per share estimates and shared a slew of cost-cutting plans.
Earnings season continues before the Christmas holiday, with Micron reporting after the bell.
With the end of 2022 in sight, all three major averages are on pace to post their worst year since 2008 to break a three-year win streak.
The Dow's down 8.7% for the year and 4.1% this month, while the S&P's shed 19.25% and 5.6%, respectively. The NASDAQ has plummeted 32.2% in 2022 and 7.6% in December.
Wednesday's moves followed a day of slight gains for stocks. The major indexes snapped a four-day losing streak, putting a little wind back into hopes for an end-of-year rally.
Prices for the 10-year Treasury poked higher, lowering yields to 3.68% from Tuesday's 3.69%. Treasury prices and yields move in opposite directions.
Oil prices moved up $1.66 to $77.89 U.S. a barrel.
Gold prices gained 80 cents to $1,826.20 U.S. an ounce.
Dow Surges 500+