Toward the end of trading Wednesday, the Dow traded up 1.28% to 29176.95 while the NASDAQ rose 0.25% to 9,491.87. The S&P also rose, gaining 0.89% to 3,327.08.
Leading and Lagging Sectors
In trading on Wednesday, communication services shares fell 0.2%.
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 99% to $25.84 on continued momentum after the company's MyoPro was approved for reimbursement by German health insurer BARMER.
Shares of VIVUS, Inc. (NASDAQ: VVUS) got a boost, shooting 67% to $3.85 after the company received FDA approval for improved formulation of PANCREAZE with a 36-month shelf life.
Greenhill & Co., Inc. (NASDAQ: GHL) shares were also up, gaining 29% to $21.52 following better-than-expected Q4 results.
Equities Trading DOWN
Plantronics, Inc. (NYSE: PLT) shares tumbled 37% to $16.88 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 22% to $41.22 after reporting weak Q4 sales.
Nano Dimension Ltd. (NASDAQ: NNDM) was down, falling 23% to $1.47. Nano Dimension priced 2.3 million ADS public offering at $1.50 per ADS.
In commodity news, oil traded up 3.5% to $51.33, while gold traded up 0.4% to $1,562.20.
Silver traded up 0.3% Wednesday to $17.62, while copper rose 1.5% to $2.5805.
European shares closed higher today. The eurozone’s STOXX 600 gained 1.23%, the Spanish Ibex Index rose 1.62%, while Italy’s FTSE MIB Index rose 1.64% Meanwhile, the German DAX gained 1.48%, and the French CAC 40 rose 0.85% while UK shares rose 0.57%.
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.
U.S. crude supplies increased 3.4 million barrels for the week ended January 31, the Energy Information Administration reported. However, analysts expected a gain of 3 million barrels. Gasoline supplies rose 100,000 barrels, while distillate stocks slipped 1.5 million barrels.
Federal Reserve Governor Lael Brainard is set to speak at 4:00 p.m. ET.