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we shares Were flat as of Wednesday morning Income The report was more than expected.

Stocks in this article

Me: DJI dow jones average
+198.70 (+0.56%)
SP500 S&P 500
+33.17 (+0.74%)
me: comp NASDAQ Composite Index
+107.28 (+0.71%)

Two Dow members — Verizon and IBM — will post their third-quarter earnings on Wednesday morning and afternoon, respectively. The morning will also see results from major players in the health care industry: Anthem, Abbott Labs and Biogen. The afternoon will also be about electric vehicle maker Tesla.


On Tuesday, the S&P 500 rose within 0.4% of its September 2 all-time high to 4,519.63.

Biden low spending bill targets between $1.75T and $1.9T: report

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The Dow Jones Industrial Average ended 198.70 points higher at 34,457.31. The Nasdaq Composite rose 107.28 points to 15,129.09.

Johnson & Johnson, the largest maker of health products, rose 2.3% after reporting strong quarterly earnings and raising its profit forecast for the year.

Apple Inc. 1.5% in the U.S. and software maker Adobe gained 2.1%.

Investors worry that disruptions to supply lines and shipping due to the coronavirus pandemic could reduce corporate profits or drive up inflation.

Procter & Gamble fell 1.2% on saying it would raise prices amid higher commodity and freight costs.

Overall, analysts polled by FactSet forecast earnings growth of 30% for the S&P 500, up from 23% in June.

Exxon Mobil rose 1.5% on rising oil prices. US crude is up 73% for the year, while natural gas prices are up 81%.

Rising energy prices are rising concerns about supply shortages that could stifle economic recovery.

Also on Tuesday, the Commerce Department reported that US home construction fell 1.6% in September. Badger Homes fell 2.7% and Hovhanian Enterprises fell 3%.

Meanwhile, Asian stocks rose on Wednesday after rising for a fifth day on strong corporate earnings on Wall Street.

Shanghai, Tokyo, Hong Kong and Sydney advanced. Seoul refused.

Home goods prices to rise as supply chain crisis mounts

Wall Street’s benchmark S&P 500 index rose 0.7%, driven by health care and tech stocks.

“Asian markets took their cues from extended gains on Wall Street following encouraging earnings results,” said ActiveTrades’ Anderson Alves in a report.

Also on Wednesday, investors watched inflation updates from the UK and some other European governments. High inflation may force central banks to act sooner than they plan to hike interest rates and roll back other economic incentives.

The Shanghai Composite Index rose less than 0.1% to 3,594.38, and the Nikkei 225 in Tokyo rose 0.2% to 29,287.16. The Hang Seng in Hong Kong rose 1.3% to 26,125.96.

In Seoul, the Kospi closed 0.3% lower at 3,020.18, while Sydney’s S&P-ASX 200 closed 0.7% higher at 7,426.00.

India’s Sensex opened with a gain of less than 0.1% at 61,755.11. New Zealand and Southeast Asian markets rose.

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In energy markets, benchmark US crude fell 44 cents to $82.00 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price base for international oils, was up 43 cents in London to $84.65 a barrel.

The dollar rose to 114.55 yen from Tuesday’s 114.31 yen. The euro rose from $1.1640 to $1.1652.