The S&P 500 rose 45.81 points, or 0.9%, to 5,064.20 a day after swinging sharply when the Federal Reserve said The Dow Jones Industrial Average rose 322.37, or 0.9%, to 38,225.66, and the Nasdaq composite jumped 235.48, or 1.5%, to 15,840.96.
Earnings reports from several big companies helped drive the market higher. Qualcomm rose 9.7% after topping forecasts for profit and revenue in the latest quarter. The tech company also gave forecasted ranges for upcoming revenue and profit whose midpoints topped analysts’ expectations. They helped to offset a 15.1% drop for Etsy, which only roughly matched analysts’ expectations for results and revenue. It cited a “still challenging” environment where customers broadly are more selective about the non-essentials they’re buying.. The company, which has been spending more on personnel and research and development, also gave a forecasted range for underlying earning trends in the current quarter whose midpoint fell short of analysts’ expectations.
In the bond market, which has been helping to dictate much of the stock market’s movements recently, yields fell following some economic reports. last week than economists expected. It’s the latest signal that the job market remains solid despite high interest rates.
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