- Upbeat earnings reports help US stocks rebound after Tuesday’s drop.
- S&P 500 Technology Index leads rally on Wednesday.
- S&P 500 and Nasdaq Composite hit fresh record highs after opening bell.
Wall Street’s main indexes started the day higher to reverse Tuesday’s losses supported by upbeat earnings figures. As of writing, the Dow Jones Industrial Average was up 0.35% on the day and the Nasdaq Composite and the S&P 500, which touched fresh all-time highs at the opening, were adding 0.65% and 0.45%, respectively.
Tech shares gain traction
Stronger-than-expected quarterly earnings and an upbeat full-year profit forecast from IBM allowed the tech giant’s shares to rise sharply on Wednesday. With the company stocks gaining more than 4% in the early trade, the S&P 500 Technology Index is adding 0.8% to lead the rally.
On the other hand, falling crude oil prices weigh on the Energy Index, which is down 0.4% as the only major S&P 500 sector to stay in the negative territory.
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