US stocks climbed Wednesday before a key Federal Reserve policy meeting and congressional testimony from large tech firms such as Facebook and Amazon.
Starbucks and AMD stocks climbed after earnings releases. Boeing and General Motors shares also ticked up after earnings reports.
After this week, Apple, Amazon, and Alphabet are set to report quarterly earnings.
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US stocks climbed Wednesday after the Federal Reserve signaled it will offer continuing stimulation to the market amid the pandemic recession.
The Federal Reserve held interest rates near zero Wednesday, also reiterated that it could do anything is required to encourage the US economic recovery in the outbreak downturn. On Tuesday, the fundamental bank stated it would expand its crisis financing programs throughout the end of the year.
Also on Wednesday, the CEOs of major tech firms such as Apple, Amazon, Facebook, and Google parent Alphabet gave testimony before the House Antitrust Subcommittee addressing how they’re handling antitrust challenges from labs. Tech stocks, that have outperformed this season, held onto profits throughout the onset of the hearing.
Here is where US indicators stood at two:30 p.m. ET on Wednesday:
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Earnings season lasted. Shares of AMD surged Wednesday after a better-than-expected earnings release Tuesday. Starbucks climbed after its CEO Kevin Johnson explained that same-store earnings for receptive places remained positive in July, a indication of recovery by pandemic-related lockdowns.
General Motors and Boeing also awakened after releasing quarterly results Wednesday ahead of the opening bell. Shares of Tesla gained approximately 3% after Morgan Stanley fostered its price goal for the next time .
Eastman Kodak surged over 500% Wednesday after securing a $765 million authorities loan to generate medication ingredients in reaction to this coronavirus pandemic.
Investors will be anticipating additional earnings report scheduled this past week. Apple, Amazon, and Alphabet are set to report quarterly earnings on Thursday, providing additional details regarding the way the firms have whined amid the coronavirus pandemic, ensuing lockdowns, along with a current uptick in fresh COVID-19 cases.
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