Following the market opening Wednesday, the Dow traded up 1.04% to 29107.33 while the NASDAQ rose 0.55% to 9519.93. The S&P also rose, gaining 0.84% to 3,325.45.
Leading and Lagging Sectors
In trading on Wednesday, real estate shares fell 0.1%.
General Motors Company (NYSE: GM) reported better-than-expected earnings for its fourth quarter, while sales missed estimates.
General Motors reported fourth-quarter earnings of 5 cents per share on Wednesday, which beat the analyst consensus estimate of 1 cent. The company reported quarterly sales of $30.8 billion, which missed the analyst consensus estimate of $31.04 billion.
Equities Trading UP
Myomo, Inc. (NYSE: MYO) shares shot up 116% to $28.03 on continued momentum after the company's MyoPro was approved for reimbursement by German health insurer BARMER.
Shares of Predictive Oncology Inc. (NASDAQ: POAI) got a boost, shooting 63% to $4.435. Predictive Oncology launched innovative specialty media for growing ovarian tumors in the lab.
VIVUS, Inc. (NASDAQ: VVUS) shares were also up, gaining 41% to $3.25 after the company received FDA approval for improved formulation of PANCREAZE with a 36-month shelf life.
Equities Trading DOWN
Plantronics, Inc. (NYSE: PLT) shares tumbled 35% to $17.43 after the company reported worse-than-expected Q3 sales results. Evercore ISI Group downgraded Plantronics from Outperform to In-Line and lowered the price target from $37 to $21.
Shares of PC Connection, Inc. (NASDAQ: CNXN) were down 20% to $42.09 after reporting weak Q4 sales.
Knowles Corporation (NYSE: KN) was down, falling 16% to $17.18 after the company reported worse-than-expected Q4 EPS and sales results. The company also issued Q1 EPS and sales guidance below estimates.
In commodity news, oil traded up 2.3% to $50.76, while gold traded up 0.1% to $1,557.60.
Silver traded down 0.1% Wednesday to $17.56, while copper rose 1.6% to $2.582.
European shares were higher today. The eurozone’s STOXX 600 gained 1.1%, the Spanish Ibex Index rose 0.8%, while Italy’s FTSE MIB Index rose 0.9% Meanwhile, the German DAX gained 1.1%, and the French CAC 40 rose 0.9% while UK shares rose 0.5%.
Private-sector employers added 291,000 jobs in January, Automatic Data Processing Inc. reported. However, economists were expecting an addition of 154,000 jobs.
The US trade deficit climbed to $48.9 billion in December, versus revised $43.7 billion gap in the prior month. Exports increased 0.8% to $209.6 billion in December, while imports gained $6.8 billion to $258.5 billion.
The IHS Markit services PMI rose to 53.4 in January, versus a preliminary estimate of 53.2 and up from December's final reading of 52.8.
The ISM non-manufacturing PMI climbed to 55.5 in January, versus revised 54.9 in December.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.
Federal Reserve Governor Lael Brainard is set to speak at 4:00 p.m. ET.