Dow records best daily gain in a week, stocks sharply rally as investors focus on bright spots in earnings

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U.S. stocks booked powerful gains Wednesday, with the Dow sweeping to its best day in a week, as investors focus on bright spots in second-quarter corporate earnings. The blue-chip Dow Jones Industrial Average DJIA, +1.29% powered almost 500 points higher, or 1.5%, ending near 32,888, which was its best daily percentage gain since July 27, according to FactSet data. The technology heavy S&P 500 index SPX, +1.56% and Nasdaq Composite Index COMP, +2.59% booked 1.6% and 2.6% gains, respectively. Focus was on solid earnings reported by PayPal Holdings Inc PYPL, +9.25% and SoFi Technologies Inc. SOFI, +28.39%, even though Robinhood Markets Inc. HOOD, +11.70% said late Tuesday it plans to cut 23% of its staff to offset depressed trading activity and a weaker economic environment.

This article was originally published by Marketwatch.com. Read the original article here.

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