The Nasdaq technology index on the New York Stock Exchange gained more than two percent on Wednesday. The overall S&P 500 index also added over one percent and the Dow Jones Industrial Average also rose. Wall Street rode the wave of the beginning of earnings season.
Results for the first quarter
US companies are starting to report their financial results for the first quarter of this year. One of the first was the investment bank JP Morgan Chase, whose quarterly profit fell by 42 percent year-on-year. The bank’s shares weakened by more than three percent, but the New York Stock Exchange did exceptionally well on Wednesday.
The success of technology stocks
The stock market was pulled up mainly by technology stocks, led by semiconductor manufacturers, and shares of companies benefiting from the current high inflation also rose. In particular, the shares of mining companies, but the value of Delta Air Lines also rose significantly. Their quarterly results exceeded expectations and increased by almost six percent.
They contributed to the growth of the whole sector, whose sub-index added 6.5 per cent. By the end of this week, several major banking houses such as Morgan Stanley, Citigroup, Goldman Sachs and Wells Fargo will announce their results.
