Solid earnings send stock indexes higher on Wall Street

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U.S. stocks marched higher in early trading Wednesday and extended a rally as investors focus on the latest batch of mostly solid corporate earnings.

Every major index remains above recent records as worries subside about the economic impact of the virus outbreak that originated in China. Health officials raised hopes that the spread of the virus, now called COVID-19, is peaking after new cases dropped for a second straight day.Companies that rely on consumer spending, including Amazon and Nike, also did well.Crude oil jumped 3% and lifted energy companies, including Exxon Mobil and Schlumberger.

The Dow Jones Industrial Average rose 237 points, or 0.8%, to 29,512. The Nasdaq rose 0.5%. The Russell 2000 index of smaller company stocks rose 0.5%. Markets in Europe and Asia rose.The latest batch of corporate earnings has been surprisingly good. Beer maker Molson Coors rose 4.1% after handily beating Wall Street's fourth-quarter profit forecasts. Akamai Technologies rose 4.7% after the cloud services provider beat analysts' profit and revenue forecasts.

 

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