Wall Street rebounded on Wednesday, as upbeat results from Facebook and GM and better-than-expected private payrolls data bolstered investor confidence.
The S&P 500 rose 27 points, or 1.01%, to 2,709.78 as of 9:39 AM ET (13:39 GMT), while the Dow increased 206 points, or 0.83%, to 25,081.0 and the tech-heavy Nasdaq Composite was up 124 points, or 1.74%, to 7,286.11.
General Motors (NYSE:GM) was up 6.2% after its third-quarter earnings were higher than forecast, while Yum! Brands (NYSE:YUM) gained 3.31% after its results beat forecasts. Facebook (NASDAQ:FB) jumped 5.08% after it said its margins would stop shrinking after 2019, helping to ease fears in the tech sector.
Meanwhile, Amazon.com (NASDAQ:AMZN) increased 3.02%, while Tesla (NASDAQ:TSLA) rose 0.66% and Sprint (NYSE:S) skyrocketed 10.92% after posting positive earnings and subscriber results.
Elsewhere, Kellogg's (NYSE:K) slumped 7.4% after it lowered its profit outlook, while Coca-Cola (NYSE:KO) inched down 0.30% and semiconductor maker Micron (NASDAQ:MU) fell 0.14%.
Investor sentiment was also boosted by strong employment data. U.S. private employers added 227,000 jobs in October, well above economists’ expectations, ADP (NASDAQ:ADP) payrolls data showed.
In commodities, Gold futures decreased 0.61% to $1,215.20 a troy ounce, while crude oil futures fell 0.45% to $65.88 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.15% to 96.94.
