Another wobbly day of trading on Wall Street ended with more gains for stocks Wednesday, as the latest batch of company earnings reports kept investors in a buying mood.
About three-fourths of the companies in the benchmark S&P 500 index rose, led by communication services and technology stocks. Healthcare companies also accounted for a big share of the gains. Big retailers and other companies that rely directly on consumer spending fell. Amazon slid 0.4% and Gap fell 3.3%.
Small-company stocks bucked the broader market rally. The Russell 2000 index fell 21.22 points, or 1%, to 2,029.52.Meta plunges as Facebook users stall, forecast falls short Inflation remains a key concern as rising costs threaten profit margins and put more pressure on consumer spending. The Federal Reserve intends to raise interest rates to try to cool inflation, which is at a four-decade high. Investors expect the first rate hike in March and at least three more in 2022.
Suckers turn to pile in.
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