Wall Street gains ground amid steady flow of earnings reports, upbeat economic updates

NEW YORK (AP) — Stocks gained ground on Wall Street Wednesday following several upbeat economic updates and a steady flow of quarterly reports from U.S. companies.

The gains were broad and marked a reversal from the prior day's dip. Much of the market's push and pull came from the technology sector, where several companies with huge values have an outsized influence over the market.

Google’s parent, Alphabet, jumped 2.4%, Broadcom rose 2%, and Facebook parent Meta Platforms rose 1.4%. They helped lead the way higher for the broader market. Their gains also helped counter losses from a few technology behemoths, including Nvidia and Microsoft.

Overall The S&P 500 rose 24.74 points, or 0.4% to 6,796.29. The Dow Jones Industrial Average rose 225.76 points, or 0.5%, to 47,311. The Nasdaq composite rose 151.16 points, or 0.6%, to 23,499.80.

Company earnings and forecasts were once again a big focus for Wall Street, with results coming from a broad spectrum of industries.

McDonald’s rose 2.2% after reporting that its sales benefited from the return of its popular Snack Wraps in the third quarter. International Flavors & Fragrances jumped 4.1% after beating Wall Street's latest quarterly profit forecasts.

On the losing side, Taser maker Axon Enterprise slumped 9.4% after forecasting weaker profits than analysts were expecting. Live Nation Entertainment fell 10.6% after its latest results fell short of analysts' forecasts.

The latest round of earnings offers Wall Street a source of information on consumers, businesses and the economy that is otherwise lacking amid the government shutdown. Important monthly updates on inflation and employment have ceased, leaving investors, economists and the Federal Reserve without a fuller picture of the economy.