Stocks rallied Wednesday, fueled by strong earnings reports, leading the S&P 500 and Dow to fresh all-time highs. Microsoft (MSFT) led blue chips with a 5% jump.
The Nasdaq scored a 1.1% gain, thanks also to big moves by Facebook (FB) and Intuitive Surgical (ISRG). The tech-heavy index closed at its best level in nearly seven months. The S&P 500 followed with a 0.4% advance, while the Dow Jones industrial average added 0.2%. Volume was higher across the board vs. Tuesday, according to preliminary data.
Leisure, software and medical-related stocks taking the lead in the stock market today. Gold miners, food and steel stocks lagged. Gold futures fell 1.3% to $1,315.20 an ounce, while West Texas intermediate oil climbed 0.5% to $44.85 per barrel.
After hours, eBay (EBAY) jumped sharply as the online marketplace posted upside Q2 surprises on both the top and bottom lines, and raised its full-year guidance. It rose 2% in the regular session.
Intel (INTC) fell 3% after the close on a Q2 revenue miss. Shares were up 1.5% before the close.
And Mattel (MAT), up 1.4% in regular-session trade, leapt 4% in extended trading on a narrower-than-expected quarterly loss.
Microsoft gapped up to a 5% gain in triple normal trade. The Xbox and Surface tablet maker posted a big quarterly earnings and revenue beat after hours Tuesday. Shares got close to a new all-time high during the session.
Intuitive Surgical gapped up and soared 5% to a new high in healthy trade. After the close Tuesday, the surgical systems maker reported Q2 results that topped views. Shares are now extended past a 654.98 buy point initially cleared June 23. But the stock was down sharply in extended trading.
Facebook rose 1% to clear a 121.18 flat-base buy point in about average volume. Analysts expect a 62% jump in Q2 profit when the social network reports next week.
Ligand Pharmaceuticals (LGND) rose 6%, breaking out past a 130.06 handle point in fast turnover. The biotech's shares remain in a 5% buy zone.
On the IBD 50, New Oriental Education (EDU) staged a sharp upward reversal to finish with a 7% jump in heavy volume. Shares of the Chinese educator, which reported solid quarterly results before the open, rushed past a 43.02 buy point. It's still in buy range.
Economic reports due out Thursday include weekly jobless claims, the Philly Fed business outlook survey for July and existing-home sales for June.
AT&T (T), Chipotle Mexican Grill (CMG), General Motors (GM) and Starbucks (SBUX) are among companies reporting quarterly results Thursday.
