U.S. stocks turned in a strong rally to close higher across the board led by large cap technology names.
|I:DJI||DOW JONES AVERAGES||35768.06||+305.28||+0.86%|
|I:COMP||NASDAQ COMPOSITE INDEX||14490.372942||+295.92||+2.08%|
The Dow Jones Industrial Average tacked on over 300 points or 0.8%, while the S&P 500 and Nasdaq Composite rose by 1.5% and 2%, respectively.
Large-cap tech, including Facebook, Microsoft and Nvidia, helped drive tech, as did Microsoft and Intel.
|FB||META PLATFORMS INC.||232.00||+11.82||+5.37%|
Peloton remained in focus after announcing 2,800 job cuts amid a restructuring that cost CEO John Foley his job. On Wednesday, Foley handed the reins over to Barry McCarthy as he moves to the role of executive chair. Shares rose 4% on the day.
|PTON||PELOTON INTERACTIVE INC.||38.77||+1.50||+4.02%|
In earnings, CVS in focus after COVID-19 vaccines and the return of customers to stores to pick up prescriptions helped profits jump 33% to nearly $1.3 billion in the final quarter of 2021.
|CVS||CVS HEALTH CORP.||104.77||-6.03||-5.44%|
But the drugstore chain and pharmacy benefit manager did not raise the 2022 forecast it laid out in December, and shares slid.
|CMG||CHIPOTLE MEXICAN GRILL INC.||1,608.74||+148.39||+10.16%|
Chipotle shares rose after profits and sales were stronger than expected plus the Mexican food chain is planning to open more stores in smaller towns.
Lyft also reported a 70% jump in revenue but delivered a cautious outlook.
Toyota’s profit slipped nearly 6% last quarter, the Japanese automaker said Wednesday, highlighting the headwinds automakers are facing in a computer chips crunch caused by the coronavirus pandemic.
|TM||TOYOTA MOTOR CORP.||201.37||+1.05||+0.52%|
|HON||HONEYWELL INTERNATIONAL INC.||196.62||+2.06||+1.06%|
Honda’s profit dropped 32% in the last quarter as rising material costs and a shortage of computer chips hurt the Japanese automaker.
After the bell, media giant Disney and Uber will report, as well as MGM Resorts and Mattel.
|DIS||THE WALT DISNEY CO.||147.23||+4.75||+3.33%|
|UBER||UBER TECHNOLOGIES INC.||40.16||+1.82||+4.75%|
|MGM||MGM RESORTS INTERNATIONAL||48.52||+1.32||+2.80%|
Investors are also looking ahead to U.S. inflation data out Thursday for signs of how quickly the Fed might pull back record-low interest rates and other stimulus to try to cool surging prices.
Bitcoin moved above the $44 level.
In energy markets, benchmark U.S. crude slipped to $89.66 per barrel.
FOX Business’ Ken Martin and The Associated Press contributed to this report.