Stocks Closed Higher , Led by Tech Rally

U.S. stocks closed higher on Wednesday, with Dow and S&P hitting records, buoyed by a surge in tech stocks after a flurry of corporate earnings beat expectations. The Dow Jones Industrial Average rose 36.02 points, or 0.19%, to 18,595.03. The S&P 500 was up 9.24 points, or 0.43%, to 2,173.02. The Nasdaq Composite advanced 53.56 points, or 1.06%, to 5,089.93.

Intel Corp. (INTC)’s quarterly earnings beat while revenue missed expectations slightly. Intel reported its second- quarter profit sank to $1.3 billion, or 27 cents a share, from $2.7 billion, or 55 cents a share, a year ago.On an adjusted basis, Intel would have earned 59 cents a share. Revenue edged up 3% to $13.5 billion.

eBay Inc. (EBAY) announced a slight earnings beat and additional stock repurchases. eBay reported net income of $437 million, or 38 cents a share, on revenue of $2.23 billion. eBay also said it would extend a stock-repurchase plan, with the board approving an additional $2.5 billion in buybacks.

Qualcomm Inc. (QCOM) reported earnings of $1.2 billion, or 97 cents a share, on sales of $6 billion; after adjustments for stock-based compensation and other factors, the company reported profit of $1.16 per share.

Oil prices rose 1 percent on Wednesday, after the U.S. government reported a ninth straight week of crude inventory draws. August West Texas Intermediate crude added 29 cents, or 0.7%, to settle at $44.94 a barrel.  September Brent crude  rose 51 cents, or 1.1%, to $47.17 a barrel.






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