By Eric
Hey Moomooers,
Good evening. Here is the latest Market Recap for you.
U.S. stocks rose sharply on Wednesday as Federal Reserve Chairman Jerome Powell said the central bank's focus was on supporting the U.S. economy and employment.
How did major indexes fare?
The $S&P 500 index(.SPX.US)$ rose 44 points, or 1.1%, to end around 3,925.
The $Dow Jones Industrial Average(.DJI.US)$ gained 425 points, or 1.4%, to end near 31,962, based on preliminary numbers.
The $Nasdaq Composite Index(.IXIC.US)$ rose 133 points, or 1%, to finish around 13,598.
Source: moomoo
What drove the market?
Like Powell, other senior Fed officials including Lael Brainard and Richard Clarida both sounded dovish on Wednesday, underlining the central bank's willingness to keep policy accommodative.
We will be watching that very carefully. Economy is a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved. Developments point to an improved outlook for later this year.
-Powell said of inflationary pressures
Which stocks were in focus?
$GameStop Corp(GME.US)$ +104%
Shares of the gaming retailer surged 61%, building on their massive surge during the regular trading session as traders weighed a C-suite shuffle at the company.
$Teladoc Health Inc(TDOC.US)$ -0.1%
The telemedicine company’s shares dropped 6.6% after Teladoc released mixed quarterly results. The company posted a loss per share of 27 cents on revenue of $383.3 million. That loss was 3 cents per share higher than what analysts expected, according to Refinitiv. However, Teladoc’s revenue of $383.3 million beat a forecast of $378.9 million.
$NVIDIA Corp(NVDA.US)$ +2.5%
Shares of the chipmaker climbed as much as 3.4% after the company reported better-than-expected fourth-quarter results. Nvidia reported earnings per share of $3.10 on revenue of $5 billion, while analysts expected earnings per share of $2.81 on revenue of $4.82 billion, according to Refinitiv. The company also issued first-quarter revenue guidance of $5.3 billion, easily topping a FactSet forecast of $4.49 billion. The stock later gave up its gains, however, to trade 3.3% lower.
Source: Dow Jones, MarketWatch, CNBC