Dow Vaults 300+, End 2-Day Slump

U.S. stocks rose on Wednesday to recover from two straight days of losses as investors piled into shares most sensitive to the economic recovery.

The Dow Jones Industrials restocked 316.01 points to close Wednesday at 34,137.31

The S&P 500 regained 38.48 points to 4,173.42.

The NASDAQ Composite popped 163.95 points to 13,950.22.

Shares of Norwegian Cruise Line Holdings led a pop in reopening plays after Goldman Sachs upgraded the stock. Norwegian jumped more than 10%, while Carnival picked 6.3%, and Royal Caribbean rose 4.4%.

United Airlines rebounded 3% after plunging 8.5% on Tuesday as the carrier reported its fifth consecutive quarterly loss and said that business and international travel is still far from a recovery.

Netflix shares plunged over 7% after the streaming giant reported subscriber additions that fell far short of Wall Street estimates as the demand surge from the pandemic started to fade. The company also said it only expects to add about one million subscribers in the current quarter, well below estimates.

More than 70 S&P 500 companies have reported so far, and they posted a 23% upside to analysts’ earnings expectations on average.

The State Department said it would increase “do-not-travel” advisories to 80% of the world’s countries, adding that the pandemic presents an “unprecedented risk to travelers.”

Prices for 10-Year Treasurys gained ground, lowering yields to Tuesday’s 1.56%. Treasury prices and yields move in opposite directions.

Oil prices doffed $1.63 to $61.04 U.S. a barrel.

Gold prices zoomed $16.30 to $1,794.70 U.S. an ounce.

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