Wall Avenue is recovering from a two-day fall. Netflix slides

© Reuters. FILE PHOTO: A US flag is seen on the New York Stock Exchange in the Manhattan neighborhood of New York City

By Shreyashi Sanyal and Devik Jain

(Reuters) – Wall Street major indices rose after two consecutive sessions on Wednesday as gains in mega-cap stocks more than offset declines in Netflix (NASDAQ 🙂 after disappointing results.

Tesla (NASDAQ 🙂 Inc and Microsoft Corp. (NASDAQ 🙂 the biggest gains in early afternoon trading were while streaming service provider Netflix fell 7.3%.

Nine of the eleven major S&P 500 sectors were higher, with communications services housing Netflix and defensive utilities sectors falling. The technology sector S&P 500 gained 0.6%.

"Investors are more confident about the earnings growth outlook for technology. They would rather focus on the safer cause, which is technology stocks right now," said Sam Stovall, chief investment strategist at CFRA Research in New York.

"We're seeing a little knee-jerk snapback, a short-term rebound where traders are trying to take advantage of short-term weakness."

According to Refinitiv IBES data, analysts expect S&P 500 companies' earnings to increase 31.9% year over year in the first quarter.

At 12:40 p.m. ET, the S&P 500 rose 209.36 points, or 0.62%, to 34,030.66, the S&P 500 rose 23.60 points, or 0.57%, to 4,158.54, and the S&P 500 rose 93.98 points, or 0 , 68% to 13,880.25.

Anthem Inc rose 0.3% after the health insurer raised its full-year profit target as lower demand for non-COVID-19 health services helped contain medical costs and beat quarterly profit estimates.

Shares in larger rival UnitedHealth Group Inc (NYSE 🙂 rose 0.2%, helping the Dow Jones index.

Verizon Communications Inc (NYSE 🙂 fell 0.4% after losing more wireless subscribers than expected in the first quarter. T-Mobile US (NASDAQ 🙂 Inc and AT&T Inc (NYSE 🙂 stocks were also lower.

U.S. rail operator CSX Corp (NASDAQ 🙂 fell 4.6% after missing its first quarter earnings estimates, hurt by cold polar vortex temperatures, ongoing pandemic disruption and higher fuel costs.

Progressive issues outpaced declines by a ratio of 3.39 to 1 on the NYSE and a ratio of 3.21 to 1 on the Nasdaq. The S&P index made 71 new 52-week highs and no new low, while the Nasdaq made 52 new highs and 49 new lows.

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