Stocks closed higher on Wall Street again Wednesday as more profit reports rolled in from US companies. Profit reporting season is ramping up for big companies, with more types of industries offering details about how high inflation and a possible recession are affecting their customers, the AP reports. A lot is riding on whether they can continue to deliver healthy profits. The S&P 500 rose 23.21 points, or 0.6%, to 3,959.90. The benchmark index soared 2.8% on Tuesday, its best day in weeks. The Dow Jones Industrial Average rose 47.79 points, or 0.2%, to 31,874.84. The Nasdaq rose 184.50 points, or 1.6%, to 11,897.65. The Russell 2000 index of smaller companies rose 28.62 points, or 1.6%, to 1,827.95.
Companies so far have been mostly topping profit expectations this reporting season, as is usually the case, though the most recent reports were mixed. Nasdaq, the company behind its namesake trading exchange, jumped 6.1% after delivering stronger profit and revenue than Wall Street expected. Omnicon Group, the advertising and public-relations company, rose 3.9% following better-than-expected earnings.
Netflix climbed 7.4% higher after it said it lost fewer subscribers during the spring than expected. It remains the worst stock in the S&P 500 for the year, however, down by nearly two thirds. Beyond Netflix, several other tech-oriented companies made strong gains. Amazon climbed 3.9%, and Nvidia jumped 4.8%, helping the Nasdaq composite index to be the market's clear leader. On the losing end was Baker Hughes, which tumbled 8.3% after it reported weaker results for the spring than analysts expected. (More stock market stories.)
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