STORY: U.S. stocks ended higher on Wednesday, with the Dow ticking up about two-tenths of a percent, the S&P 500 adding nearly three-quarters of a percent and the Nasdaq leading gains with a more than one percent rise.
Shares of Apple jumped 5% to provide the biggest boost to all three major indexes after a White House official said the tech giant will invest another $100 billion in its domestic manufacturing.
Wednesday's gains followed a losing day for the stock market and a steep decline on Friday after major downward revisions to U.S. job growth.
Stocks could remain on shaky ground as they find their footing, says Jason Browne, president of Alexis Investment Partners.
“I think there is a lot of tug of war at the moment between, you know, are we gonna see a seasonal setback after the strong run we've had year to date, or are we going to continue to grind our way higher? We're kind of in the camp of anticipating a seasonal setback ourselves. [FLASH] But we wouldn't bet against the market, and today is a great example for why.”
Among other movers, shares of Lyft, down more than 3% at the close, fell even further in extended trading after the ride-sharing service reported second-quarter revenue that missed estimates, pressured by mounting competition from Uber and softening U.S. travel demand.
Shares of Snap plummeted 17% after the Snapchat parent reported its slowest quarterly growth in more than a year, hurt in part by a glitch in its ad-buying platform that resulted in ads being delivered at discounted rates.
And shares of Arista Networks soared more than 17% after the cloud networking company projected current-quarter revenue above estimates.
