Wall Street Climbs as Alphabet Jumps, Volatility Eases

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Feb 3 Reuters U.S. stocks rose in Wednesday afternoon trading and were set to register a third straight day of gains, with Alphabet Incs shares jumping following its strong quarterly results.

Alphabet shares were last up 9 as it benefited from lockdowns that drove retail and other advertisers online.

Videogame retailer GameStop Corp gained about 14, clawing back after nearly halving in value on Tuesday on the back of a social mediadriven trading rollercoaster ride.

U.S. Treasury Secretary Janet Yellen is calling a meeting this week of top officials, including from the Securities and Exchange Commission and the Federal Reserve, to discuss market volatility driven by retail trading in shares of GameStop, silver and other stocks favored on social media.

The broad tape continues to be strong, said Michael ORourke, chief market strategist at JonesTrading in Stamford, Connecticut.

The retail trading frenzy is likely to be here for a while, said ORourke. I dont know if its going to be here with the same intensity … Its hard to maintain that type of intensity. What well probably see are coordinated movements in individual names by that crowd.

The Cboe Volatility index eased.

Amazon.com Inc shares dipped 0.7 as Jeff Bezos surprise move to step down as chief executive quashed optimism about bumper quarterly results. However, analysts were upbeat on the promotion of its cloud computing head to the top job.

U.S. companies are on track to post earnings growth for the…

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