{"id":133014,"date":"2021-07-22T16:12:34","date_gmt":"2021-07-22T16:12:34","guid":{"rendered":"https:\/\/precoinnews.com\/?p=133014"},"modified":"2021-07-22T16:12:34","modified_gmt":"2021-07-22T16:12:34","slug":"wall-street-extends-rally-on-strong-earnings-economic-optimism","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/wall-street-extends-rally-on-strong-earnings-economic-optimism\/","title":{"rendered":"Wall Street extends rally on strong earnings, economic optimism"},"content":{"rendered":"<p>NEW YORK (Reuters) &#8211; Wall Street advanced on Wednesday for the second straight day, as strong corporate earnings and renewed optimism about the U.S. economic recovery stoked investor risk appetite.<\/p><figcaption>FILE PHOTO: People wearing face masks walk by the New York Stock Exchange (NYSE) during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., July 19, 2021. REUTERS\/Andrew Kelly<\/figcaption><p>All three major U.S. stock indexes appeared set to build on the previous session\u2019s gains, which delivered the S&amp;P 500\u2019s best day since March.<\/p>\n<p>With Wednesday\u2019s advance, all three are within 1% of their all-time closing highs.<\/p>\n<p>Economically sensitive smallcaps, semiconductors and financials outperformed the broader market.<\/p>\n<p>\u201cEarnings have been coming in with some nice surprises and the market has responded well to the pullback last week,\u201d said Matthew Keator, managing partner at the Keator Group, a wealth management firm in Lenox, Massachusetts.<\/p>\n<p>A rebound in travel helped fuel United Airlines\u2019 revenue beat, boosting its stock by 3.2%.<\/p>\n<p>The S&amp;P 1500 Airlines index gained 2.9%, while the S&amp;P 1500 Hotels, Restaurant and Leisure index advanced 3.0%.<\/p>\n<p>\u201cThe travel and tourism trade is heavily affected by pent-up demand, people wanting to be out and about and doing things,\u201d Keator added. \u201cIt will be interesting to see if that starts to wane.\u201d<\/p>\n<p>Benchmark U.S. Treasury yields continued their bounce from five-month lows to the benefit of rate-sensitive banks. The S&amp;P 500 Banking index gained 2.4%.<\/p>\n<p>Wrangling in Washington over the passage of a bipartisan $1.2 trillion infrastructure package progressed as Senate Democrats moved toward a planned procedural vote despite Republican appeals for a delay.<\/p>\n<p>The Dow Jones Industrial Average rose 250.35 points, or 0.73%, to 34,762.34, the S&amp;P 500 gained 29.18 points, or 0.67%, to 4,352.24 and the Nasdaq Composite added 93.49 points, or 0.64%, to 14,592.37.<\/p>\n<p>Of the 11 major sectors in the S&amp;P 500, energy stocks were the big winners, the group\u2019s 3.9% advance helped by surging crude prices. [O\/R]<\/p>\n<p>Second-quarter reporting season has shifted into overdrive, with 73 of the companies in the S&amp;P 500 having posted results. Of those, 88% have beaten consensus expectations.<\/p>\n<p>Current estimates show aggregate year-on-year S&amp;P 500 earnings growth of 75% for the April to June period, a significant jump from the 54% growth seen at the beginning of the quarter.<\/p>\n<p>Among the winners, Chipotle Mexican Grill touched a record high, jumping 12.7% after the burrito chain beat earnings estimates and forecast strong current-quarter sales growth. The stock boasted the S&amp;P 500\u2019s largest percentage gain.<\/p>\n<p>Coca-Cola rose 1.2% after raising its full-year forecast.<\/p>\n<p>Verizon Communications advanced 1.1% following its earnings beat, which was attributed to growing demand for its 5G services.<\/p>\n<p>Interpuplic Group of Companies jumped 12.5% in the wake of its upbeat earnings release.<\/p>\n<p>Drugmaker Johnson &amp; Johnson forecast $2.5 billion in sales from its one-shot COVID vaccine this year and hiked its sales estimates. Its was last up a modest 0.2%.<\/p>\n<p>On the losing side, Netflix Inc late Tuesday reported slowing subscriber growth, sending its share down 4.1%, the largest percentage decliner in the S&amp;P 500.<\/p>\n<p>Harley-Davidson\u2019s second-quarter earnings release showed its turnaround plan appeared to be making progress, but the company lowered its operating income guidance due to tariffs from Europe, its second-biggest market. Its shares dropped 6.6%.<\/p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 3.04-to-1 ratio; on Nasdaq, a 3.23-to-1 ratio favored advancers.<\/p>\n<p>The S&amp;P 500 posted 35 new 52-week highs and no new lows; the Nasdaq Composite recorded 55 new highs and 30 new lows.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/usa-stocks\/us-stocks-wall-street-extends-rally-on-strong-earnings-economic-optimism-idUSL1N2OX1XB\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK (Reuters) &#8211; Wall Street advanced<\/p>\n","protected":false},"author":3,"featured_media":133013,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wall Street extends rally on strong earnings, economic optimism - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/wall-street-extends-rally-on-strong-earnings-economic-optimism\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wall Street extends rally on strong earnings, economic optimism - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"NEW YORK (Reuters) &#8211; 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