US Stocks Post 4th Straight Gains

February 04, 2022
US Stocks Post 4th Straight Gains

The US stocks moved mostly higher for fourth consecutive session on Wednesday, 02 February 2022, with the Dow, the S&P500, and the Nasdaq indexes all managed to end the day above the unchanged line.

The continued strength on Wall Street partly reflected a positive reaction to upbeat earnings from some big-name companies like Google parent Alphabet and chipmaker Advanced Micro Devices.

At the close of trade, the Dow Jones Industrial Average index advanced 224.09 points, or 0.63%, to 35,629.33. The S&P500 index climbed up 42.84 points, or 0.94%, to 4,589.38.

The tech-heavy Nasdaq Composite Index rose 71.54 points, or 0.5%, to 14,417.55.

Shares of Alphabet spiked up after reporting better than expected fourth quarter results and a 20-for-1 stock split announcement.

Shares of Advanced Micro Devices also showed a strong move to the upside after reporting better than expected fourth quarter results and providing upbeat guidance.

Shares of PayPal closed lower after the payment service reported weaker than expected fourth quarter earnings and provided disappointing guidance.

ECONOMIC NEWS: US Private Sector Employment Plunges In January- US private sector employment plunged by 301,000 jobs in January after jumping by a downwardly revised 776,000 jobs in December, payroll processor ADP reported on Wednesday, reflecting the impact of the Omicron variant of the coronavirus. Employment in the leisure and hospitality sector led the way lower, slumping by 154,000 jobs in January after seeing substantial gains in the fourth quarter. The trade, transportation and utilities industry also cut 62,000 jobs, while employment in the manufacturing sector fell by 21,000 jobs.