Stocks rose on Wednesday, rebounding from the previous session's losses after the release of strong quarterly numbers from IBM.
The Dow Jones Industrials sprang back up again 112.14 points to 29,308.18
The S&P 500 regaining 14.02 points at 3,334.81
The NASDAQ popped 54.84 points to 9,425.45. Both the S&P 500 and NASDAQ reached record highs.
IBM shares climbed more than 4% on the back of quarterly numbers that beat analyst expectations. The company also issued 2020 earnings guidance that topped estimates.
These results put IBM “on its front foot for 2020,” Nomura Instinet analyst Jeffrey Kvaal said in a note. “IBM is quickly pivoting its existing businesses toward the hybrid cloud.”
So far, more than 10% of S&P 500 companies have posted their latest quarterly results. Of those companies, 75% have posted better-than-forecast earnings.
Tesla shares, meanwhile, rose 3.7% as the electric car maker's market cap broke above $100 billion for the first time. Semiconductor stocks also hit an all-time high. Nvidia and Qorvo advanced more than 1% each.
Stocks pulled back slightly on Tuesday as worries over the spreading of the deadly coronavirus dampened investor sentiment. Those fears eased Wednesday after China unveiled measures to rein in the virus.
Airline and casino stocks rebounded Wednesday after falling sharply in the previous session. American gained 1.7%, and United Airlines were took on 0.9%. Las Vegas Sands, meanwhile, advanced 0.2%.
Overall, stocks are off to a strong start for the year. Through 13 sessions, the S&P 500 has closed lower just five times and is up 2.8%.
Prices for the 10-Year U.S. Treasury gained a mite, lowering yields to 1.76% from Tuesday's 1.77%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.35 to $57.03 U.S. a barrel.
Gold prices dipped $2.30 to $1,555.60 U.S. an ounce.