Stocks rise as upbeat results boost tech shares

STORY: Wall Street rose on Wednesday with the tech-heavy Nasdaq posting a strong gain, as investors appeared to be encouraged by the latest corporate earnings.

The Dow rose fractionally, while the S&P 500 rose by more than half a percent, and the Nasdaq jumped more than 1.5%.

Shares of Netflix jumped after reporting results, in which the company predicted it would return to customer growth during the third quarter.

Greg Hahn, president and chief investment officer at Winthrop Capital Management, said it was Netflix that buoyed the market.

"I think investors are navigating a different information as it comes the big, the big issue, near-term where we got some great news for Netflix, great catalyst for the market today. The big issue, I think, is the Federal Reserve and what their decision next week is going to be and what that means for short term interest rates and long-term interest rates and the impact that that will have on inflation. Inflation's the key driver right now for investors."

High-growth stocks other than Netflix extended gains following the forecast from the streaming service provider, including shares of Apple, Amazon.com and Meta Platforms.

Health insurer Elevance Health plunged after the company said medical costs failed to decrease in line with rival UnitedHealth Group.

Finally, Baker Hughes tumbled as the oilfield services provider reported a bigger second-quarter loss, while its adjusted profit also missed estimates.