- U.S. stocks rose on Wednesday as a slew of positive earnings updates and hopes for assurances of continued support from the Federal Reserve overshadowed concerns about next steps for the government’s coronavirus support plan.
Advanced Micro Devices Inc jumped 12.4% after the chipmaker raised its full-year revenue forecast. Its shares were among the top boosts to the S&P 500 and Nasdaq.Starbucks Corp climbed 3.9% after the coffee chain said business was “steadily recovering” worldwide and it would return to profitability in the current quarter.
Recent data pointed to a possible slowdown in business and hiring as several U.S. states reimposed restrictions after a spike in COVID-19 infections, while deaths in the country caused by the disease surpassed 150,000 on Wednesday. “Market participants expect the Fed to keep policy in the same place, that is a very accommodative place. Powell’s objective is not to make any waves in the press conference,” said Vincent Reinhart, chief economist at Mellon, a BNY Mellon Investment Management firm in Boston.
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