July 20 (UPI) — U.S. markets rallied for the second consecutive day on Wednesday as investors continued to digest corporate earnings.
The Dow Jones Industrial Average gained 47.79 points, or 0.15%. while the S&P 500 rose 0.59% and the Nasdaq Composite increased 1.58%.
Tuesday’s gains left all three major averages at their highest levels since June as investors continued to predict that markets had found a bottom.
“It kind of speaks to the risk-on environment we continue to be in that started the beginning of this week and has played through this Tuesday into Wednesday time frame,” Art Hogan, chief market strategist at B. Riley Financial, told CNBC.
Streaming stocks were on the rise Wednesday with Netflix gaining 7.35% after reporting better-than-expected subscriber retention on Tuesday.
Roku stock also rose 6.91%, while Disney climbed 3.75%.
Semiconductor stocks also climbed Tuesday after the Senate passed a bill to bolster chip manufacturing in the United States with Nvidia increasing 4.8% and AMD rising 4.13%.
A busy earnings season continued Wednesday with Tesla and United Airlines both sharing data after the bell.
Tesla beat earnings expectations posting $16.9 billion in revenue compared to analysts’ predictions of $16.88, along with $2.27 adjusted earnings per share compared to $1.83 expected.
The electric carmaker also sold 75% of its bitcoin, as the cryptocurrency surpassed the $24,000 threshold for the first time in more than a month Wednesday.
Shares of Tesla were up slightly in regular trading, rising 0.8% and continued to climb 0.34% in after-hours trading.
United stock was up 0.57% in regular trading but plummeted 6.6% after-hours as the airline reported its first quarterly profit since the onset of the COVID-19 pandemic at $329 million but said it would scale back plans for growth through 2023.