U.S. stocks were in positive territory on Wednesday on news that the Federal Reserve will help preserve the economic expansion despite trade tensions. The Dow Jones Industrial Average gained 0.82% to 25,539, the S&P 500 index rose 0.82% to 2,826 and the Nasdaq Composite Index advanced 0.64% to 7,575.
Shares of Salesforce.com Inc. (CRM, Financial) gained more than 5% on Wednesday after the company announced first-quarter results. Revenue grew 24.3% from the prior-year quarter to $3.74 billion, beating expectations by $50 million. Earnings of 66 cents per share topped estimates by 5 cents.
"I am thrilled with our results this quarter, and I am especially excited to have delivered record revenue in Q1 and operating cash flow of almost $2 billion, up 34% year over-year," Chairman and Co-CEO Marc Benioff said.
The cash generated from operations was $1.97 billion.
Looking ahead to full fiscal 2020, the company maintained its revenue and operating cash flow guidance and raised its non-GAAP earnings per share guidance to between $2.88 and $2.90 per share.
Gainers
- Campbell Soup Co. (CPB, Financial)
- MSCI Inc. (MSCI, Financial)
- Under Armour Inc. (UAA, Financial)
- American Airlines Group Inc. (AAL, Financial)
- Under Armour Inc. (UA, Financial)
Losers
- Cimarex Energy Co. (XEC, Financial)
- Occidental Petroleum Corp. (OXY, Financial)
- Halliburton Co. (HAL, Financial)
- National Oilwell Varco Inc. (NOV, Financial)
- Micron Technology Inc. (MU, Financial)
Global markets
The main European stock markets also traded in the green. The U.K.'s FTSE 100 gained 0.08%, France's CAC 40 rose 0.45%, Germany's Dax swelled 0.08% and Spain's IBEX 35 inched up 0.36%.
In Asia, Japan's Nikkei 225 climbed 1.80%, India’s BSE Sensex fell 0.46%, Hong Kong's Hang Seng advanced 0.50% and China's Shanghai Composite dipped 0.03%.
Disclosure: The author holds no positions in any stocks mentioned.
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