US stocks boosted by earnings, hiring data

NEW YORK: Wall Street stocks were mostly higher in early Wednesday trading following strong earnings from Amazon and Google and better-than-expected US hiring data.

Results from Amazon and Google parent Alphabet showed both tech giants continuing to prosper during the coronavirus pandemic. Amazon also announced that founder Jeff Bezos would step down as chief executive and hand the reins to Andy Jassy, who heads Amazon Web Services.

Data from payroll firm ADP showed the United States added 174,000 jobs in January, more than triple analysts' expectations.

Analysts also cited clinical data showing the Oxford-AstraZeneca Covid-19 vaccine reduces virus transmission and is highly protective after a single dose.

About 15 minutes into trading, the Dow Jones Industrial Average was at 30.647.71, down 0.1 percent.

The broad-based S&P 500 gained 0.2 percent to 3,833.88, while the tech-rich Nasdaq Composite Index advanced 0.5 percent to 13,677.47.

Stocks have risen over the last two days in a reversal from last week's losses.

Those occurred when the market was shaken by huge gains in GameStop and AMC Entertainment fueled by retail investors intent on countering short-sellers who bet on a decline in those stocks.

GameStop gained 10.8 percent early Wednesday and AMC rose 7.4 percent.