Snack Wrap Success Lifts McDonald's 2.2%

Stocks gained ground on Wall Street Wednesday following several upbeat economic updates and a steady flow of quarterly reports from US companies.

• The S&P 500 rose 24.74 points, or 0.4%, to 6,796.29.
• The Dow The Dow Jones Industrial Average rose 225.76 points, or 0.5%, to 47,311.00.
• The Nasdaq composite rose 151.16 points, or 0.6%, to 23,499.80.

The gains were broad and marked a reversal from the prior day's dip. Nearly every sector within the S&P 500 gained ground and the index recovered a majority of its losses from Tuesday, the AP reports.

Company earnings and forecasts were once again a big focus for Wall Street, with results coming from a broad spectrum of industries. McDonald's rose 2.2% after reporting that its sales benefited from the return of its popular Snack Wraps in the third quarter. International Flavors & Fragrances jumped 4.1% after beating Wall Street's latest quarterly profit forecasts. On the losing side, Taser maker Axon Enterprise slumped 9.4% after forecasting weaker profits than analysts were expecting. Live Nation Entertainment fell 10.6% after its latest results fell short of analysts' forecasts.

The latest round of earnings offers Wall Street a source of information on consumers, businesses and the economy that is otherwise lacking amid the government shutdown. Important monthly updates on inflation and employment have ceased, leaving investors, economists and the Federal Reserve without a fuller picture of the economy. There are still several informative private economic updates that Wall Street can review.

• A monthly report from ADP showed that private payrolls rose more than expected in October. The report offers a partial glimpse into the job market, which has been generally weakening and raising broader concerns about economic growth.
• The services sector, which is the largest part of the US economy, expanded in October more than Wall Street expected, according to the Institute for Supply Management. The report shows that while overall business activity grew, employment was still contracting. "The survey provides a reassuring sign that economic growth persisted in October despite the government shutdown," Bill Adams, chief economist for Comerica Bank, wrote in a note to investors.