Dow rises 285 points for 2nd straight daily gain as focus shifts away from growth worries to earnings season

SourceBusiness Insider
SectorEconomy
CountryMiddle east

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 , and which rose after each company raised their financial guidance and posted quarterly results that beat analyst expectations.

Stocks extended from a rout in the previous session that was triggered by reports about mounting coronavirus cases worldwide. Retail investors buying the dip in shares on Monday . Wednesday’s “trade is a natural reaction to such a violent move on Friday and on Monday… but I’d steer clear of drawing any conclusions that say in today’s trading, “All is well,” Keith Buchanan, senior portfolio manager at Globalt Investments, told Insider. “We still have to see a lot more from a data perspective to...read more...