Dow rises 285 points for 2nd straight daily gain as focus shifts away from growth worries to earnings season
Dow Jones Industrial Averageclimbed 285 points to extend a relief rally on Wednesday.
- The S&P 500 also rose and the
Nasdaq Compositepushed through early weakness.
- Johnson & Johnson was among the Dow
stocksthat raised its annual earnings guidance.
US stocks closed higher Wednesday, led by blue-chips as many corporate behemoths upgraded financial guidance, though questions linger about global economic recovery as COVID-19 infections rise.The Nasdaq Composite overcame earlier weakness while the Dow Jones Industrial Average soared 285 points to advance for a second straight day of gains. The Dow was helped by shares of Coca-Cola, Johnson & Johnson and Verizon which rose after each company raised their financial guidance and posted quarterly results that beat analyst expectations.
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Here's where US indexes stood at 4:00 p.m. on Wednesday:
- S&P 500: 4,358.65, up 0.82%
- Dow Jones Industrial Average: 34,797.74, up 0.83% (285.75 points)
- Nasdaq Composite: 14,631.95, up 0.92%
Also key for the direction of
Oil prices jumped, pushing past weekly US data showing an unexpected climb of 2.1 million barrels in crude supplies. West Texas Intermediate crude rose 4.3%, to $70.31 per barrel. Brent crude, oil's international benchmark, gained 4.2%, to $72.25 per barrel.
Bitcoin surged 6.6%, to $31,763.61.
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