Wall Street ends higher, powered by strong earnings, economic cheer
Wall Street stocks posted their second straight daily gain on Wednesday, with robust corporate earnings and renewed optimism about the U.S. economic recovery fueling a risk-on rally.
All three major U.S. stock indexes added to their previous session's advance, placing all three within 1% of their all-time closing highs.
Economically sensitive smallcaps, semiconductors and financials outperformed the broader market.
Among the winners, Chipotle Mexican Grill (NYSE:CMG) jumped 11.5% after the burrito chain beat earnings estimates and forecast strong current-quarter sales growth. The stock boasted the S&P 500's largest percentage gain.
Coca-Cola (NYSE:KO) rose 1.3% after raising its full-year forecast.
Drugmaker Johnson & Johnson (NYSE:JNJ) forecast $2.5 billion in sales from its one-shot COVID vaccine this year and hiked its sales estimates. It closed up a modest 0.6%.
On the losing side, Netflix Inc (NASDAQ:NFLX) late Tuesday reported slowing subscriber growth, sending its shares down 3.3%, the second-largest percentage loser in the S&P 500.
SAP shares fell 2.5% by the close despite raising its outlook for the second time this year, as a strategic push toward cloud computing began to bear fruit.
Source: CNBC, Investing.com