- The Nasdaq rose 2% to close the US session at 13,643.
- Dow Jones was 1% higher in Wednesday's stock market trading.
- Delta shares flew higher after reporting it expects to return to a profit this quarter.
US stocks were higher although bond yields fell in Wednesday?s stock market trading, as the first earnings reports from major companies began to roll out and investors examined the highest inflation in 40 years.
Stocks climbed for most of the day. The tech heavy NASDAQ led the major indexes upward during Wednesday?s session, closing higher by 2%, or 272 points, at 13,643.59.
The Dow Jones was up 1%, or 344.23 points, to end the session at 34,564.59 points.
Delta shares rose almost 6% after reporting stronger-than-forecast results and noted it expects to return to a profit this quarter on the back of an increase in bookings and fares that are helping to offset soaring fuel costs.
While most stocks climbed as earnings reports rolled in, JPMorgan Chase & Co.?s shares fell 3.2% after the multinational bank reported a lower first quarter profit that missed Wall Street?s estimate, casting a shadow over the financial sector.
One bitcoin is worth US$41,184 going into the Asian trading day.
The Australian dollar is stronger against the major currencies and is buying 74.53 US cents.
Delta Air Lines said it expects to return to profit this quarter as a hike in bookings helps offset soaring fuel costs, resulting in the company?s shares to gain nearly 6%. Delta said on Wednesday it expects unit revenues to increase double digits during the second quarter compared with 2019 and that sales overall will be recovered to as much as 97% of sales generated before COVID-19 decimated the travel sector.
JPMorgan shares dropped 3.2% to $127.30 on Wednesday. The bank?s stock has now lost about 20% this year, with profits expected to decline across the banking industry. JPMorgan reported a 42% drop in profits and warned that rising inflation and the war in Ukraine are posing huge threats to the US economy.
And as the auto industry continues to evolve with the likes of driverless vehicles, San Francisco police were left scratching their heads after pulling over a car for driving without headlights at night and found no one inside. San Francisco police officers pulled over a driverless car operated by General Motors? Cruise unit and found no one behind the wheel.