Stocks jumped Wednesday after upbeat earnings reports from two bellwethers raised hopes that corporate earnings may be better than feared even with a potential recession. The Dow popped 1.60%. The S&P 500 gained 1.49%. The Nasdaq was up 1.54%.
Stocks jumped Wednesday, rising for a second day, after upbeat earnings reports from two bellwethers raised hopes that corporate earnings may be better than feared even with a potential recession.
The Dow Jones Industrial Average gained 526.74 points, or 1.6%, to finish at 33,376.48. The S&P 500 surged 1.49% to settle at 3,878.44, while the Nasdaq Composite jumped 1.54% to end at 10,709.37.Use weakness at the start of 2023 as a buying opportunity, says Citi's Chronert Given this outlook, Chronert recommends that investors find opportunities in areas of the market with earnings resilience, pointing to sectors like healthcare, real estate, energy and industrials, which Citi is overweight on.
Net retail purchases totaled about $15.2 billion for Apple, up 18% over the previous year. Advanced Micro Devices followed behind as the third most popular standalone stock, with investors buying a net $10.6 billion worth.
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