U.S. stocks booked powerful gains Wednesday, with the Dow sweeping to its best day in a week, as investors focus on bright spots in second-quarter corporate earnings. The blue-chip Dow Jones Industrial Average powered almost 500 points higher, or 1.5%, ending near 32,888, which was its best daily percentage gain since July 27, according to FactSet data. The technology heavy S&P 500 index and Nasdaq Composite Index booked 1.6% and 2.6% gains, respectively. Focus was on solid earnings reported by PayPal Holdings Inc and SoFi Technologies Inc. , even though Robinhood Markets Inc. said late Tuesday it plans to cut 23% of its staff to offset depressed trading activity and a weaker economic environment.
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