Stocks rose for a second straight day on Wednesday as Apple led a parade of companies that reported better-than-expected earnings.
The Dow Jones Industrials popped 121.03 points to 28,843.88.
The S&P 500 strengthened 8.67 points at 3,284.70
The NASDAQ gained 18.25 points to 9,288.33.
The major averages came off their session highs, however, after the release of disappointing U.S. housing data.
Apple shares gained 2.8% and hit a record after its quarterly results easily beat analyst expectations. The company’s results were driven in part because of an 8% uptick in iPhone sales, which totaled $55.96 billion.
McDonald’s, another Dow component, posted better-than-expected quarterly results, sending the stock up 2.6%. Dow Inc and ADP reported profits that beat analyst estimates as well along with General Electric, which surged about 10%.
So far, nearly 28% of S&P 500 companies have reported results for the previous quarter. Of those companies, about 70% have beaten analyst expectations.
Boeing shares rose more than 2% even after the aircraft manufacturer reported its first annual loss since 1997.
AMD shares, however, dropped more than 7% after the semiconductor company issued weaker-than-forecast revenue guidance for the first quarter. Xilinx also gave a disappointing sales forecast, which sent its stock down more than 9%.
Semiconductor stocks have had a rough week as worries over the coronavirus outbreak dented sentiment over the global economy.
Chinese officials said late Tuesday that the death toll has risen to 132 with total cases in China now standing at 5,974. The White House told U.S. airlines on Tuesday that the administration is considering a suspension of flights from China to the U.S.
Later in the session, investors will be closely watching the Federal Reserve on Wednesday afternoon, as the central bank convenes for its first monetary policy meeting of the decade. The decision is scheduled for announcement at 2 p.m.
The main interest rate is widely expected to hold steady in the 1.50% to 1.75% range
Prices for the 10-Year U.S. Treasury gained ground, weighing yields to 1.62% from Tuesday’s 1.65%. Treasury prices and yields move in opposite directions.
Oil prices decreased 26 cents to $53.22 U.S. a barrel.
Gold prices inched forward 50 cents to $1,570.30 U.S. an ounce.