Stocks rose on Wednesday as investors weighed another wave of corporate earnings results and tech shares continued to rebound. The Dow Jones Industrial Average rose over 300 points, while both the S&P 500 and Nasdaq Composite gained over 1.4% and 2%, respectively.

Tech shares outperformed Wednesday, with e-commerce names like Shopify (SHOP  ) and Etsy (ETSY  ) rising about 4% and 3%, respectively, while Facebook-parent Meta Platforms (FB  ) climbed more than 4% as market participants bought into the stock's dip following its disappoint earnings report last week.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): +1.45% or +65.64 points to 4,587.18

Dow Jones Industrial Average (DIA  ): +0.86% or +305.28 points to 35,768.06

Nasdaq Composite Index (QQQ  ): +2.08% or +295.92 points to 14,490.37

CVS Q4 earnings top expectations as COVID vaccines boost overall store sales:

CVS Health (CVS  ) said Wednesday that demand for COVID vaccines and at-home tests boosted overall store sales, helping the company top expectations for fourth-quarter earnings. The company report Q4 revenue of $76.6 billion and adjusted earnings per share of $1.98, both beating Wall Street expectations.

However, CVS's shares fell more than 5% during Wednesday's session after the company maintained rather than raised its fiscal 2022 forecast.

The company administered more than 8 million COVID tests and over 20 million COVID vaccines for the three-month period ended Dec. 31, a significant increase from the nearly 17 million shots administered in Q2 and 11.6 million in Q3.

Mortgage application volume fell 8.1% last week:

Mortgage application volume dropped last week, reversing gains from the previous week, as rising rate kept would-be buyers and refinances away.

The Mortgage Bankers Association's (MBA) weekly mortgage composite index decreases 8.1% on a seasonally adjusted basis for the week ended Feb. 4, following the previous week's rise of 12.0%. The firm's refinance index fell 7.0% from the previous week and was 52% lower than the same week a year ago. Purchases also dipped 10% on a weekly basis, seasonally adjusted. On an unadjusted basis, purchases were down 12% compared to the same week last year.

"Mortgage rates continued to edge higher last week, with the 30-year fixed rate climbing to 3.83%. Rates followed the U.S. 10-year yield and other sovereign bonds as the Federal Reserve and other key global central banks responded to growing inflationary pressures and signaled that they will start to remove accommodative policies," Joel Kan, associate vice president of economic and industry forecasting at MBA, said in a press statement.

Here's how market benchmarks started trading soon after open:

S&P 500 Index: +0.91% or +41.16 points to 4,562.70

Dow Jones Industrial Average: +0.67% or +236.65 points to 35,699.43

Nasdaq Composite Index: +1.17% or +165.40 points to 14,360.43