Wall Street advanced on Wednesday, driven by a rally in Apple and robust corporate earnings that helped offset renewed concerns over trade policy.
The Dow Jones Industrial Average added 81.4 points, or 0.2%, to close at 44,193.1, the S&P 500 rose 0.7%, gaining 45.9 points to end at 6,345.1, while the Nasdaq Composite climbed 1.2% or 252.9 points, to 21,169.4.
Apple shares jumped 5.1% after a White House official confirmed to CNBC that the tech giant will increase its domestic manufacturing investment by US$100 billion.
The move will bring Apple’s total U.S. investment commitment to $600 billion over the next four years, boosting confidence in the sector.
Meanwhile, the Trump administration intensified trade tensions by imposing an additional 25% tariff on goods from India. The decision doubles the effective tariff rate on Indian imports to 50%, heightening investor unease around global trade dynamics.
Despite these trade concerns, the earnings season remains a source of optimism. McDonald’s rose 3% after the fast-food giant posted second-quarter results that exceeded Wall Street expectations, with same-store sales growing at their fastest pace in nearly two years.
Arista Networks also surged 17.5% after delivering a stronger-than-expected earnings report.
In contrast, Snap tumbled 17.2% as its revenue came in just under forecasts, while Advanced Micro Devices dropped 6.4% after adjusted earnings per share missed consensus estimates.
On the bond markets, the yield on the 10-year U.S. Treasury rose 0.6% to 4.232%, while the 2-year yield slipped 0.3% to 3.714%.
