Dow Jumps Amid Surprising Earnings Report from Homebuilders and Retailers

The Dow Jones Industrial Average slipped in early trading on Wednesday before rebounding as homebuilder Lennar reported a surprise earnings beat and retailer Bed Bath & Beyond surprised investors with improved sales. Apple shares rose after the technology giant announced plans to expand its manufacturing capacity, reaching what analysts consider a buy point for the stock. Apple shares jumped 3.4% to $174.07 in afternoon trading, driven by news that the company plans to increase production of iPhones at a new Chinese factory, which is expected to meet growing demand for the devices. The homebuilding sector had a significant impact on the Dow’s gains, as Lennar reported earnings per share of 1.29 cents, beating analysts’ expectations of 0.77 cent. The company also announced that it would repurchase $400 million in stock, which contributed to its 8.3% increase. Bed Bath & Beyond’s shares rose 14.9% after the retailer reported a surprise narrowing of its quarterly loss and increased sales at its U.S. stores. The company has been working to turn around its struggling business through cost-cutting measures and improved marketing efforts. The Dow Jones Industrial Average rose 0.5% to 35,142.12, while the S&P 500 index gained 0.2% to 4,495.67.