US STOCKS-Nasdaq up more than 1%, led by Apple gain
By Caroline Valetkevitch
NEW YORK Aug 6 (Reuters) - U.S. stocks rose on Wednesday, led by a more than 1% gain in the Nasdaq, as Apple shares climbed after news of its plans to announce a domestic manufacturing pledge, and as the latest batch of corporate reports was upbeat.
Shares of Apple AAPL.O were up 5.8% and provided the biggest boost to all three of the major indexes after a White House official said the company would announce a $100-billion domestic manufacturing pledge.
In addition, shares of McDonald's MCD.O were up 3.6% after the fast-food restaurant's affordable menu drove global sales past expectations, while Arista Networks ANET.N shares jumped 18% after the cloud networking company projected current-quarter revenue above estimates.
"Earnings continue to come in better than expected," said Sam Stovall, chief investment strategist at CFRA Research.
He said while there is uncertainty surrounding tariffs, investors appear to be upbeat about the near term.
On Wednesday, U.S. President Donald Trump imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil.
The Dow Jones Industrial Average .DJI rose 140.32 points, or 0.32%, to 44,252.06, the S&P 500 .SPX gained 49.86 points, or 0.79%, to 6,349.05 and the Nasdaq Composite .IXIC added 254.12 points, or 1.22%, to 21,170.67.
Also positive for stocks were increasing bets for a September rate cut. Last week's jobs report showed slowing employment growth and downward revisions for previous months.
Odds for next month's rate cut stand at 93.2%, compared with just 46.7% last week, according to CME Group's FedWatch tool. Traders also bet on at least two cuts by the end of 2025.
Among the day's decliners, shares of Advanced Micro Devices AMD.O fell 5.4% as its data center chip revenue disappointed.
Walt Disney DIS.N delivered a strong quarter and lifted its full-year outlook, but its shares slipped 2%.
Advancing issues outnumbered decliners by a 1.1-to-1 ratio on the New York Stock Exchange. There were 145 new highs and 65 new lows on the NYSE.
On the Nasdaq, 2,057 stocks rose and 2,410 fell as declining issues outnumbered advancers by a 1.17-to-1 ratio.
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