Stocks Close Higher, Biotechs Rally

U.S. stocks ended higher on Wednesday, as surging biotech shares helped the market shrug off weak earnings reports and soft retail data.  The Dow Jones industrial average rose 91.26 points, or 0.55%, to 16,651.80. The S&P 500 gained 12.97 points, or 0.67%, to 1,946.72.  The Nasdaq Composite added 44.88 points, or 1.02%, to 4,434.13.

SeaWorld Entertainment Inc. (SEAS) released a disappointing second-quarter earnings statement on Wednesday. SeaWorld reported a second-quarter profit of $37.3 million, but quarterly revenue was $405.2 million, far below the $445.3 million the company expected.

Cisco Systems Inc. (CSCO) on Wednesday reported a fiscal fourth-quarter profit of $2.2 billion, or 43 cents a share, on $12.4 billion in revenue. Excluding one-time items, Cisco earned 55 cents a share.

NetApp Inc. (NTAP) on Wednesday reported a fiscal first-quarter profit of $88 million, or 27 cents a share, on $1.49 billion in revenue. Excluding one-time items, NetApp earned 60 cents a share.

Canadian Solar Inc. reported a surprise second-quarter profit and said it expects higher revenue in the third quarter. It reported a second-quarter profit of $55.8 million, or 95 cents a share, compared with a year-earlier loss of $12.6 million, or 29 cents a share. Revenue jumped to $623.8 million from $380 million a year ago.