US close: Stocks add to Tuesday's gains after solid session

wall street dl us usa stocks shares dow jones s — Wall StreetFlickr (PD)

Wall Street stocks closed in positive territory on Wednesday, after major indices registered solid gains in the previous session.

At the close, the Dow Jones Industrial Average was up 0.86% and the S&P 500 added 1.45%, while the Nasdaq Composite was 2.08% firmer at 14,490.37.

The Dow closed 305.28 points higher on Wednesday, extending gains recorded in the previous session as market participants digested December's trade balance figures.

Wednesday looked set to be yet another quiet day in terms of market-moving headlines, with traders continuing to hold out for tomorrow's consumer price index.

The Federal Reserve has already indicated a change in monetary policy will follow the key inflation report as part of an effort to address historically high price increases.

On the macro front, US mortgage applications decreased in the week ended 4 February, according to the Mortgage Bankers Association, with applications to purchase a home falling 10% and applications to refinance a home loan dropping 7%.

The fall comes as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.83% from 3.78%.

Elsewhere, wholesale inventories advanced 2.2% month-on-month in December to $789.4bn, according to the Census Bureau, up from a 1.7% increase in the previous month and ahead of preliminary estimates for a print of 2.1%.

The increase marked a 17th straight monthly gain on the back of increases in both durable and non-durable goods.

On an annual basis, wholesale inventories advanced 18.5% in December.

In the corporate space, pharmacy chain CVS Health was down 5.45% despite reporting a 34% jump in quarterly on the back of Omicron-fuelled demand for Covid-19 tests and vaccinations.

Fox was up 6.88% after it swung to a net loss but beat on revenue estimates, while GlaxoSmithKline slipped 2.12% after it posted higher earnings and a sales beat.

Dow Jones - Risers

Walt Disney Co. (DIS) $147.23 3.33%
Intel Corp. (INTC) $49.91 2.25%
Microsoft Corp. (MSFT) $311.21 2.18%
Salesforce.Com Inc. (CRM) $222.04 2.12%
Nike Inc. (NKE) $146.26 1.90%
Cisco Systems Inc. (CSCO) $56.29 1.72%
Dow Chemical Co. (DOW) $62.00 1.47%
Verizon Communications Inc. (VZ) $53.50 1.29%
Visa Inc. (V) $230.87 1.29%
American Express Co. (AXP) $196.40 1.24%