Stocks Finish Mixed After Tech Reports; Nasdaq Falters Late

Stocks end mixed on Wednesday after a late-day falloff on the Nasdaq. Alphabet surges after earnings impress investors.
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Stocks finished mixed Wednesday following better-than-expected sales and earnings from Amazon.com  (AMZN) - Get Report and Alphabet  (GOOGL) - Get Report.

The Dow Jones Industrial Average gained 36 points, or 0.12%, to 30,723, the S&P 500 rose 0.1% while the Nasdaq lost steam late in the session to finish down 0.02%.

The retail frenzy in stocks such as GameStop  (GME) - Get Report and AMC Entertainment  (AMC) - Get Report also subsided further. 

Shares of GameStop, the videogame retailer, finished up 2.7% Wednesday after falling 60% in the previous session. GameStop had been the focal point of the recent short-squeeze driven trading frenzy.

GameStop appointed Amazon Web Services' engineering lead, Matt Francis, as its chief technology officer.

Treasury Secretary Janet Yellen, meanwhile, summoned officials from the Securities and Exchange Commission, the Federal Reserve, the Federal Reserve Bank of New York and the Commodity Futures Trading Commission to discuss the recent market volatility driven by retail trading in stocks like GameStop.

On the stimulus front, President Joe Biden's $1.9 trillion package was being pushed through by Democrats without Republican support.

Amazon fell 2% after the retail and tech giant reported quarterly sales of more than $100 billion for the first time and Founder Jeff Bezos said he would step down as CEO during the third quarter.

Andy Jassy, the head of Amazon’s cloud computing division, will take over day-to-day control of Amazon. Bezos will become executive chairman.

Stock Market Today With Jim Cramer: The Future of Amazon

Alphabet shares finished up 7.3% Wednesday after the parent of Google reported fourth-quarter earnings that easily topped Wall Street estimates.

Advertising revenue in the quarter rose 22% to $46.2 billion. Ad sales at YouTube rose 46% to $6.9 billion. 

How High Can Alphabet Go on Earnings? Let’s Look at the Chart

The private sector in the U.S. added 174,000 jobs in January, higher than estimates of 48,000. The data from the ADP National Employment Report serve as a precursor to the official U.S. jobs report, which will be released Friday.