The Dow Jones Industrial Average climbed 285 points, or 0.83%, while the S&P 500 and the Nasdaq Composite advanced 0.82% and 0.92%, respectively. All three of the major averages have recouped their losses from Monday, which included a 725-point drop in the Dow, the most since October.
|I:DJI||DOW JONES AVERAGES||34929.98||-214.33||-0.61%|
|I:COMP||NASDAQ COMPOSITE INDEX||14572.735538||-267.98||-1.81%|
Republican senators on Wednesday shot down Majority Leader Chuck Schumer of New York's attempt to press ahead with a $1 trillion infrastructure package despite the bill not being fully written. The vote was along party lines with Schumer switching over to the Republicans' side so that he could bring the issue up at a later date.
In stocks, Netflix Inc. reported quarterly profit and subscriber growth that fell short of Wall Street estimates. The streaming giant confirmed plans to move into gaming, saying games would be included in subscriptions at no additional cost.
Elsewhere, Chipotle Mexican Grill Inc. posted quarterly results that were ahead of expectations as digital sales grew 10.5% and made up 48.5% of all revenue.
|CMG||CHIPOTLE MEXICAN GRILL, INC.||1,820.59||+13.10||+0.72%|
|KO||THE COCA-COLA CO.||57.27||+0.20||+0.34%|
Coca-Cola Co. beat on both the top and bottom lines and raised its full-year sales forecast as the reopening of restaurants, stadiums and theaters spurred a rebound in demand.
Meanwhile, Johnson & Johnson's profit and revenue exceeded analyst estimates and the drugmaker said it expects to sell $2.5 billion of its COVID-19 vaccine this year. In other pharma news, Moderna will be added to the S&P 500 at the close of trading.
|JNJ||JOHNSON & JOHNSON||172.28||+0.47||+0.27%|
Harley-Davidson Inc. earnings and sales topped expectations as motorcycle sales surged 131% from a year ago. However, the company said inflation pressures would persist for the remainder of this year and that its 2% price increase for some models would not completely offset those cost increases.
And Tesla is in focus after Elon Musk reiterated the electric vehicle maker may soon restart accepting bitcoin. He made those comments while speaking on a panel at the cryptocurrency conference, the B-Word, alongside Twitter CEO Jack Dorsey and other investors.
In commodities, West Texas Intermediate crude oil rose $3.10 to $70.30 a barrel and gold slumped $8 to $1,802.90 an ounce.
Overseas markets were mostly higher.
European bourses rallied across the board with Britain’s FTSE 100 up 1.67% while France’s CAC 40 and Germany’s DAX 30 advanced 1.56% and 1.04%, respectively.
In Asia, China’s Shanghai Composite gained 0.73%, Japan’s Nikkei 225 rose 0.58% and Hong Kong’s Hang Seng index slipped 0.13%.