US stocks edge higher as investors digest wave of corporate earnings results
US stocks traded mixed Wednesday as investors digest a wave of third-quarter earnings results.
57 companies in the US have reported earnings so far, 50 of which have beat expectations, Deutsche Bank said.
Bitcoin is inching towards new highs. Oil fell, while gold rose.
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US stocks traded mixed on Wednesday as investors digest a wave of corporate earnings results for the third quarter.
A total of 57 companies in the US have reported earnings so far, 50 of which have beat expectations, Deutsche Bank strategists said. "Indeed, the selloff from September feels like an increasingly distant memory now," they added.
The benchmark S&P 500 edged higher after a five-day rally. It clinched its highest close in six weeks in the previous session.
Here's where US indexes stood at the 9:30 a.m. ET Wednesday:
S&P 500: 4,526.52, up 0.15%
Dow Jones Industrial Average: 35,496.28, up 0.11% (38.97 points)
Nasdaq Composite: 15,154.53, up 0.17%
Equities have been boosted by strong earnings reports, defying more muted expectations due to ongoing supply chain disruptions that have pushed prices of goods higher and the persistent labor shortages that have slowed the economic rebound.
Fundstrat on Wednesday formally raised its S&P 500 year-end target to 4,800 -- 100 bases points higher - reflecting a 7% upside.
Tom Lee, head of research, cited strong seasonality, bitcoin rallying to new highs, and the pandemic showing signs of consistent improvement in the US.
In cryptocurrencies, bitcoin inched towards new all-time highs on Wednesday, reaching an overnight high of $64,500, as investors were encouraged by the red-hot market debut of the world's first futures exchange-traded fund the previous day.
The ProShares Bitcoin Strategy ETF was the second most traded debut ETF ever, with more than $1 billion worth of shares traded on its first day.
Oil slightly retreated Wednesday after the Chinese government threatened to intervene in the coal market to tame record high prices.
West Texas Intermediate crude oil slipped 1.10%, to $82.05 per barrel. Brent crude, oil's international benchmark, fell 0.93%, to $84.29 per barrel.
Gold jumped as much as 1.04%, to $1,787.45 per ounce.
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