Dow Surges 200 Points; Abbott Laboratories Posts Upbeat Earnings
U.S. stocks traded higher this morning, with the Dow Jones index gaining around 200 points on Wednesday.
Following the market opening Wednesday, the Dow traded up 0.55% to 38,006.47 while the NASDAQ rose 0.24% to 15,903.38. The S&P 500 also rose, gaining, 0.40% to 5,071.74.
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Leading and Lagging Sectors
Materials shares rose by 1% on Wednesday.
In trading on Wednesday, real estate shares fell by 0.3%.
Top Headline
Abbott Laboratories (NYSE:ABT) reported better-than-expected earnings for its first quarter.
The company posted first-quarter sales of $9.96 billion, up 10.8% on an organic basis for the underlying base business, beating the consensus of $9.88 billion. Abbott’s adjusted diluted earnings per share was 98 cents, beating the analyst estimates of 95 cents.
Equities Trading UP
Abbott Laboratories (NASDAQ:INVO) shares shot up 203% to $2.35 after the company reported a year-over-year increase in fourth-quarter revenue results and said it remains on track to reach its goal of reaching break-even or profitability within its current operations in 2024.
Shares of Edible Garden AG Incorporated (NASDAQ:EDBL) got a boost, surging 118% to $9.94 after the company reported preliminary first quarter fy24 results.
VIA optronics AG (NASDAQ:VIAO) shares were also up, gaining 55% to $0.4028 after dipping over 15% on Tuesday.
Equities Trading DOWN
ICZOOM Group Inc. (NASDAQ:IZM) shares dropped 91% to $4.61.
Shares of Sunshine Biopharma, Inc. (NASDAQ:SBFM) were down 46% to $3.6932.
Trio Petroleum Corp. (NASDAQ:TPET) was down, falling 36% to $0.3091 after dipping over 22% on Tuesday.
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Commodities
In commodity news, oil traded down 0.8% to $84.69 while gold traded down 0.2% at $2,402.10.
Silver traded up 0.6% to $28.55 on Wednesday, while copper rose 0.3% to $4.3150.
Euro zone
European shares were higher today. The eurozone’s STOXX 600 gained 0.7%, London’s FTSE 100 rose 0.6% while Spain’s IBEX 35 Index gained 1.4% The German DAX gained 0.7% French CAC 40 climbed 1.4% while Italy’s FTSE MIB Index gained 1.1%.
The consumer price inflation rate in the Eurozone came in at 2.4% year-over-year in March. The UK’s inflation rate eased to 3.2% year-over-year in March versus 3.4% in the prior month, while producer prices increased 0.6% year-over-year in March.
Asia Pacific Markets
Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 falling 1.32%, Hong Kong’s Hang Seng Index gaining 0.02% and China’s Shanghai Composite gaining 2.14%.
Japan recorded a trade surplus of JPY 366,467 billion in March versus a deficit of JPY 750,854 billion in the year-ago period, while the Reuters Tankan sentiment index for manufacturers declined to +9 in April versus March’s reading of +10.
Economics
U.S. mortgage applications climbed by 3.3% in the latest week.
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