NEW YORK: Wall Street opened solidly in the green on Wednesday as optimism surrounding better than expected financial reports overshadowed fallout among companies providing gloomier outlooks.
The Dow Jones Industrial Average rose 0.3 percent to 38,626.99 shortly after markets opened, while the broad-based S&P 500 advanced 0.5 percent to 4,976.76.
The tech-heavy Nasdaq Composite Index gained 0.5 percent to 15,689.79.
Wall St mixed with focus on earnings
The upwards shift came after major automaker Ford beat earnings estimates in results released Tuesday after the bell, while Chipotle Mexican Grill also exceeded market expectations.
Ford shares surged 6.2 percent in early trading while Chipotle was up 2.1 percent.
This “provided a nice distraction” from Snap’s disappointing earnings, which sent the social media company’s shares plummeting as much as 30 percent in after hours trading on Tuesday, noted Patrick O’Hare of Briefing.com.
“The broader stock market remains resilient to selling interest,” he wrote in a note.
Meanwhile, Commerce Department data also showed that the US trade deficit widened to $62.2 billion in December, with exports and imports both rising.
O’Hare added that this was “a welcome sign for global trade.”