Stocks Closed Higher on Earnings

U.S. stocks closed higher on Wednesday, with gains fueled by better-than-expected earnings and an upbeat report on
existing-homes sales. The Dow Jones Industrial Average added 88.68 points, or 0.49%, to 18,038.27. The S&P 500
gained 10.67 points, or 0.51%, to 2,107.96. The Nasdaq Composite rose 21.07 points, or 0.42%, to 5,035.17.

Sales of used homes in March reached the fastest pace in 18 months, according to data released Wednesday. Sales of
existing homes rose 6.1% in March to a seasonally adjusted annual rate of 5.19 million, the fastest pace in 18 months, the National Association of Realtors reported Wednesday.

AT&T topped profit estimates by a penny on Wednesday, but revenue came in below estimates as core subscribers declined. AT&T reported earnings of 63 cents per share, beating estimates of 62 cents. The telecom giant reported revenue of $32.57 billion, versus Wall Street estimates of $32.82 billion.

Facebook Inc. (FB) on Wednesday reported first-quarter profit of $509 million. It had profit of 18 cents.Earnings, adjusted for stock option expense and amortization costs, were 42 cents per share. The results topped Wall Street expectations.The social media company posted revenue of $3.54 billion in the period, which did not meet Street forecasts.

EBay (EBAY) reported stronger-than-expected first-quarter earnings and sales late Wednesday. It reported net income of $626 million, or 51 cents a share, compared with a loss of $2.3 billion, or $1.82 a share, in the year- earlier period.

Chip maker Qualcomm Inc. (QCOM) late Wednesday said it earned $1.1 billion, or 63 cents a share, in the fiscal second quarter. That compares with $1.14 a share a year ago. Adjusted for one-time items, Qualcomm earned $1.40 a share on revenues of $6.9 billion. That compares with adjusted earnings of $1.31 a year ago on revenues of $6.4 billion.