US stocks rise in volatile trading
New York: US stocks ended volatile session higher as investors digested a slew of latest earnings reports.
On Wednesday, the Dow Jones Industrial Average increased 165.44 points, or 0.62 per cent, to 27,005.84. The S&P 500 rose 18.72 points, or 0.57 per cent, to 3,276.02. The Nasdaq Composite Index climbed 25.76 points, or 0.24 per cent, to 10,706.13, Xinhua news agency reported.
Nine of the 11 primary S&P 500 sectors closed higher with utilities up 1.53 per cent, leading the gainers. Energy slid 1.34 per cent, the worst-performing group.
US-listed Chinese companies traded roughly lower, with all the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on a downbeat note.
On the earnings side, United Airlines shares dipped more than 4 per cent after the company reported a net loss of US $1.6 billion in the second quarter and an 87 per cent year-over-year revenue slump due to the coronavirus impact.
Shares of Microsoft finished up 1.44 per cent. The US tech giant reported quarterly results after Wednesday’s close, with earnings of US $1.46 per share and a 13 per cent increase in revenue to US $38 billion.
The market gains were somewhat capped as investors remain cautious amid the surging coronavirus cases in the United States.
“It is too early to declare that the new bull market has arrived, as the United States and the world are by no means out-of-the-woods on the pandemic or the economic downturn,” Mitch Zacks, CEO at Zacks Investment Management, said in a note on Wednesday.