US Stocks Get Huge Lift from Quarterly Earnings

April 20, 2011 Updated: October 1, 2015

STOCKS JUMP: Workers are seen on the floor of the New York Stock Exchange Wednesday April 20. U.S. markets gained across the board as corporate earnings propelled stocks higher. (Stan Honda/AFP/Getty Images)
STOCKS JUMP: Workers are seen on the floor of the New York Stock Exchange Wednesday April 20. U.S. markets gained across the board as corporate earnings propelled stocks higher. (Stan Honda/AFP/Getty Images)
NEW YORK—U.S. stock markets soared on Wednesday, propelled by strong corporate earnings from the technology and manufacturing sectors, with Nasdaq recording its biggest one-day jump in almost six months.

The Dow Jones Industrial Average jumped 1.5 percent, or 186.8 points, to its highest level since 2008. The S&P 500 Index gained 17.7 points, or 1.35 percent, and the Nasdaq Composite Index jumped 2.1 percent, or 57.5 points.

Chipmaker Intel Corp. was by far the biggest gainer on the Dow, followed by United Technologies.

Intel jumped 7.8 percent after the chipmaker blew away analyst expectations with its earnings report Tuesday night after market close. Intel said that revenues rose with stronger-than-expected demand from the corporate sector after years of weakness.

United Technologies, a conglomerate, saw its stock rise 4.2 percent after it also beat consensus estimates on Wednesday. It also revised higher its full-year estimates.

The dollar declined on Wednesday while oil and commodities such as gold and silver rose—investors were buoyed by the news as they hoped that a weak dollar would help U.S. exporters.

Technology stocks had a huge day. Shares of Apple Inc. gained 2.4 percent, and shares of mobile chipmaker Qualcomm Inc. increased by 4.5 percent after it posted strong quarterly results. Intel’s major rival Advanced Micro Devices Inc. shot up 4.4 percent on Wednesday.