Tech, Banks Lead Gains for Stocks
(AP) -- Gains in technology, banks and industrial companies drove U.S. stocks higher Wednesday as investors sized up the latest company earnings news. Consumer goods companies lagged the most. The latest gains put the market on track to recoup some of its losses from a day earlier.
KEEPING SCORE: The Standard & Poor's 500 index rose 15 points, or 0.6 percent, to 2,731 as of 11:19 a.m. Eastern Time. The Dow Jones industrial average gained 104 points, or 0.4 percent, to 25,069. The Nasdaq added 58 points, or 0.8 percent, to 7,293. The Russell 2000 index of smaller-company stocks picked up 17 points, or 1.1 percent, to 1,547.
TECH BUMP: Gains in several technology companies helped lift the market in early trading. The sector has been leading the market's rebound following the plunge in stocks earlier this month. Google parent Alphabet picked up $21.26, or 1.9 percent, to $1,124.85. Facebook added $3.38, or 1.9 percent, to $179.39.
IN GEAR: Advance Auto Parts vaulted 12 percent after reporting better earnings than analysts were expecting. The stock was the biggest gainer in the S&P 500, adding $12.65 to $118. Shares in rival auto parts retailer AutoZone also rose, climbing $9.81, or 1.4 percent, to $723.04.
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ROOM TO GROW: Extra Space Storage added 2.6 percent after its results also came in ahead of forecasts. The stock rose $2.08 to $82.83.
RESTING EASY: La-Z-Boy jumped 11.8 percent after the furniture company had a better fourth quarter than analysts anticipated. The stock picked up $3.40 to $32.30.
STILL HURTING: Walmart shares continued to slide Wednesday, a day after posting its biggest single-day drop in 30 years. The stock lost $1.89, or 2 percent, to $92.22.
SAPPED: Devon Energy slid 4.8 percent after the energy company disclosed a smaller-than-expected profit and 2018 forecast that raised concerns with analysts. The stock gave up $1.65 to $33.
ENERGY: Benchmark U.S. crude slid 18 cents to $61.61 per barrel in New York. Brent crude, used to price international oils, shed 11 cents to $65.14 per barrel in London.
BOND YIELDS: Bond prices were little changed. The yield on the 10-year Treasury held at 2.89 percent.
CURRENCIES: The dollar rose to $107.64 yen from 107.30 yen on Tuesday. The euro slipped to $1.2320 from $1.2336.
MARKETS OVERSEAS: Major indexes in Europe were mostly lower. Germany's DAX slipped 0.3 percent, while France's CAC 40 rose 0.1 percent. Britain's FTSE 100 added 0.5 percent. In Asia, Japan's Nikkei 225 index climbed 0.2 percent and Hong Kong's Hang Seng gained 1.8 percent. Australia's S&P ASX 200 edged 0.1 percent higher. The Kospi in South Korea added 0.6 percent. India's Sensex gained 0.3 percent. Shares in Southeast Asia were mixed.
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