April 13 (UPI) — U.S. markets snapped out of a two-day slump on Wednesday as investors turned their eyes to corporate earnings.
The Dow Jones Industrial Average rose 344.23 points, or 1.01%, while the S&P 500 gained 1.12% and the Nasdaq Composite closed the day up 2.03%.
Fastenal stock rose 2.24% behind better than expected earnings, while JPMorgan Chase stock fell 3.18% after reporting $524 million in losses.
“This is going to be probably more important than the typical earnings season,” Scott Lander, chief investment officer at Horizon Investments, said according to CNBC. “Earnings haven’t mattered a ton, because it’s been a macro-based market for a few years now, frankly. But we’re moving away from a macro-based world and we’re in a micro-based world, because of the activity of the central banks around the world becoming increasingly more hawkish.”
Delta Air Lines stock gained 6.21% as it projected business would pick up in the second quarter. First-quarter results showed losses after the company was impacted by the Omicron variant of COVID-19.
Other travel stocks were on the rise with American Airlines stock rising 10.62%, Southwest Airlines stock gaining 7.57%, Carnival Corp. increasing 5.4% and Expedia climbing 4.88%.
The 10-year treasury yield on Wednesday fell 2.68% after reaching a three-year high of 2.82% this week.
Chip stocks rebounded with Nvidia gaining 3.25%, Qualcomm rising 3.24% and AMD increasing 2.78%.
