The Dow Jones Industrial Average (^DJI) advanced nearly 1.2%, while the S&P 500 (^GSPC) rose 1.7%. The Nasdaq Composite (^IXIC) surged more than 2.8%, led by a rally in chip stocks. The fortunes of Meta (META) and Microsoft stocks diverged after the two "Magnificent Seven" stalwarts reported earnings on Wednesday afternoon. Meta shares fell by about 8%, extending their historic losing streak, after the tech giant's earnings miss added to worries about its ability to recoup AI investments. Microsoft also recorded the largest single-day gain in market value of any company.