Major U.S. stock indexes jumped more than 1 percent at the open on Wednesday as upbeat earnings from major technology companies’ boosted sentiment for corporate-profit trends.
The S&P 500 Index advanced 14.17 points, or 1.08 percent, to trade at 1,326.37 at 9:35 a.m. EDT. The Dow Jones Industrial Average gained 153.72 points, or 1.25 percent, to trade at 12381.19. The Nasdaq Composite Index surged 1.76 percent.
Shares of Intel Corp. (NASDAQ:INTC) surged 6.95 percent after forecasting quarterly revenues well above analysts’ estimates. The company reported first quarter net income of $3.3 billion or 59 cents a share compared to $2.5 billion or 43 cents a share last year, while analysts had expected profit of 46 cents a share on revenue of $11.6 billion. Intel expects second quarter revenue of $12.8 billion, plus or minus $500 million, and adjusted revenue of $12.85 billion, plus or minus $500 million. Street analysts predict revenue of $11.87 billion.
Yahoo! Inc. (NASDAQ:YHOO) shares gained 3.23 percent to $16.64 in the early trade as its first quarter earnings exceeded Street view. Adjusted profit was $249 million or 19 cents a share, up from $217.1 million or 15 cents a share last year. Analysts had expected profit of 16 cents a share on revenue of $1.06 billion.
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) shares surged 5.9 percent to $54.75 after reporting first quarter net income of $1.57 per share compared to $1 per share in the same quarter last year.
On the economic front, the National Association of Realtors (NAR) is due to report the sales of previously occupied homes at 10:00 a.m. EDT. Economists are forecasting that existing home sales in March may increase to 5.00 million from 4.88 million in February.
U.S. stocks gained for the first time in four days on Tuesday as stronger-than-expected report on new home starts and encouraging quarterly results from Johnson & Johnson helped lift the markets.
The euro advanced 1.19 percent to 1.4506 against the dollar and the yen gained 0.17 percent against the greenback.
Crude oil futures gained 1.09 percent to $109.46/barrel and gold futures rose 0.46 percent.
European stock markets are currently trading higher with FTSE 100 up by 130.01 points, DAX30 up by 197.76 points and CAC 40 up by 91.63 points.