US stocks close mixed as investors digest corporate earnings and stimulus progress

US stocks close mixed as investors digest corporate earnings and stimulus progress

Major US stock indexes closed mixed on Wednesday as investors continued to digest fourth-quarter corporate earnings and progress on President Biden's $1.9 trillion stimulus proposal.

Earnings from mega-cap titans Amazon and Alphabet exceeded analyst projections by a sizable amount, and Amazon posted its first quarter with revenue of more than $100 billion. 

Amazon founder Jeff Bezos announced that he is stepping down from Amazon later this year and will remain executive chairman, with head of AWS Andy Jassy replacing Bezos as CEO. Investors sent shares down 2% in Wednesday trades.

Here's where US indexes stood at the 4 p.m. ET close on Wednesday:

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But one Wall Street analyst suggests investors stick with the e-commerce giant. Canaccord Genuity said shares could surge 21% as deliveries remain elevated in a post-pandemic world.

Alphabet soared 7% on Wednesday after fourth quarter earnings revealed a surge in digital ad sales amid the holiday season. The company beat analyst revenue estimates by $4 billion, and EPS estimates by $6.58. Amazon beat analyst revenue estimates by $5.8 billion, and EPS estimates by $6.96. 

On a caucus call with House Democrats, President Biden reaffirmed his support for