Stocks rose Wednesday as the corporate earnings season continued, with the Dow Jones Industrial Average trying for its eighth straight day of gains.
The Dow traded 109 points higher, or 0.3%. The S&P 500 climbed 0.3% as well, along with the Nasdaq Composite.
Goldman Sachs reported a miss on adjusted earnings per share and a beat on revenue Wednesday, tied to losses in real estate as well as GreenSky. Goldman had previously warned investors that the quarter would likely yield lackluster results. Shares were little changed, however.
Carvana shares climbed more than 27% after securing a deal to reduce roughly $1.2 billion in debt. The online auto retailer said Tuesday it will post second-quarter earnings results on Wednesday, moving the date of its report up from Aug. 3.
The Dow notched a seventh straight positive session on Tuesday for its longest string of gains since March 2021. The Dow rose 366.58 points, or 1.06%. The S&P 500 gained 0.71%, while the Nasdaq Composite climbed 0.76%. All three major averages notched their highest closes since April 2022.
Those gains came as traders pored through quarterly reports from major companies.
Thus far, the second-quarter earnings season is off to a strong start. Of the companies in the S&P 500 that have reported results, 82% have exceeded expectations, according to FactSet data. For many investors, the recent streak of gains bolsters the case for a soft-landing scenario. It’s an outlook that has gained traction after last week’s encouraging inflation data.