Stocks rallied in early trading on Wednesday, with the S&P 500 approaching a record high. The index rose 0.4 percent, just below its September 2 peak at 4,536.95.
A new high for the S&P 500 will limit the volatility of trading, as a result of which in September the index fell by almost 5%. The recent gain comes after a series of notable company P&L statements that surpassed Wall Street’s expectations.
Verizon shares rose 1.7% on Wednesday after the company said earnings rose 45.5% in the three months to September, compared with the same period last year.
Netflix shares fell despite reporting higher-than-expected subscriber growth during the quarter ending in September. During this period, the streaming giant gained 4.4 million new subscribers, but faced criticism after releasing special comedian Dave Chappel, which critics described as propagating fanaticism towards transgender people.
Cryptocurrency prices continued to rise, with bitcoin hitting an all-time high on Wednesday. The cryptocurrency hovered around $ 66,000, which is above its all-time high. According to CoinDesk, around $ 64,000 set in April following the launch of the Bitcoin Futures Exchange-Traded Fund on Tuesday in New York. ETF trading volume amounted to almost $ 1 billion, making it one of the largest debuts in the history of the fund.