U.S. markets rose on Wednesday as shares Google's parent company Alphabet rose after the company reported better-than-expected earnings, while Meta stock plummeted after missing analysts' predictions. File Photo by John Angelillo/UPI | License Photo
Feb. 2 (UPI) -- The Dow Jones Industrial Average rose 224 points on Wednesday, as markets continued to rally amid mixed earnings among major tech stocks.
The blue-chip Dow rose 0.63%, while the S&P 500 gained 0.94% and the tech-heavy Nasdaq Composite closed the day up 0.5%.
Markets got a boost as shares of Google's parent company, Alphabet, rose 7.52% after reporting fourth-quarter earnings on Tuesday that exceeded analysts' expectations after the bell with profits rising 36% to $20.64 billion, while revenue rose 32%.
Chipmaker AMD also rose 5.12% as it reported better-than-expected quarterly results on nearly every major metric.
Shares of Facebook parent, Meta, were up 1.25% at the bell on Wednesday but plummeted more than 20% in after-hours trading as the company reported lower-than-expected earnings at $3.67 per share along with lower user numbers.
Meta also said revenue in the first quarter will be $27 billion-$29 billion, lower than analysts' expectations of $30.15 billion.
PayPal stock also fell 24.59% after reporting disappointing earnings.
Markets have risen for four consecutive days after all three major indexes posted losses for the month of January but Michael Vogelzang, chief investment officer at CAPTRUST told Yahoo Finance that he doesn't think "the market's settled yet."
"We don't quite know yet what the Fed's going to be doing. We don't have a good sense of the path of inflation for the rest of the year," he said. "We have Russia hovering over the Ukrainian border ... that has the potential to send oil prices up even higher than they already are, which of course could slow the economy down and drive inflation higher. So I think the market's really unsettled, trying to find a bottom."