U.S. Stocks Showing Another Strong Move To The Upside

After ending the previous session notably higher, stocks are seeing further upside in morning trading on Wednesday. The major averages have all climbed firmly into positive territory, with the tech-heavy Nasdaq helping lead the way higher.

Currently, the major averages are hovering near their highs of the young session. The Dow is up 297.16 points or 0.8 percent at 35,759.94, the Nasdaq is up 190.44 points or 1.3 percent at 14,384.90 and the S&P 500 is up 52.82 points or 1.2 percent at 4,574.36.

The extended rally on Wall Street comes as stocks continue to recover from the sharp pullback seen in January, with the Dow reaching its best levels in three weeks.

The major averages remain well off the record highs but have climbed well off the multi-month lows set in late January.

Upbeat earnings news from some well-known companies is also contributing to the continued strength on Wall Street.

Shares of Chipotle Mexican Grill (CMG) have shown a strong upward move after the restaurant chain reported better than expected fourth quarter earnings.

Cannabis producer Canopy Growth (CGC) has also moved sharply higher after reporting a narrow than expected fiscal third quarter loss on revenues that exceeded analyst estimates.

Shares of Enphase Energy (ENPH) have also spiked after the solar energy company reported fourth quarter results that beat expectations and provided upbeat guidance.

On the other hand, shares of CVS Health (CVS) have moved lower after the healthcare company reported fourth quarter results that beat expectations but seemed to disappoint investors by reiterating its 2022 guidance.

Housing stocks have shown a substantial move to the upside in morning trading, resulting in a 2.4 percent spike by the Philadelphia Housing Sector.

Significant strength is also visible among airline stocks, as reflected by the 2.3 percent jump by the NYSE Arca Airline Index.

Oil service, chemical and commercial real estate stocks are also seeing considerable strength, moving higher along with most of the other major sectors.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Wednesday. Japan’s Nikkei 225 Index shot up by 1.1 percent, while Hong Kong’s Hang Seng Index spiked by 2.1 percent.

The major European markets have also shown strong moves to the upside on the day. While the U.K.’s FTSE 100 Index has jumped by 1 percent, the French CAC 40 Index and the German DAX Index are both surging by 1.6 percent, respectively.

In the bond market, treasuries have pulled back off their early highs but continue to see modest strength. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.2 basis points at 1.942 percent.

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