Wall Street closes higher, supported by strong earnings | Market talk

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Wall Street stocks posted their second straight daily gain on Wednesday, July 21, as strong corporate earnings and renewed optimism about the US economic recovery fueled a risk-on rally.

The three major indices of US stocks added to the progress they made in the previous session, putting the three indices at a level 1% from their highest closing level ever.

The stocks that are sensitive to the economy, such as small-cap and financial companies, outperformed the market in general.

A rebound in travel fueled more-than-expected revenue for United Airlines, pushing the stock up 3.8%.

The Dow Jones Industrial Average rose 286.01 points, or 0.83%, to 34,798 points. The S&P 500 index gained 35.63 points, or 0.82%, to 4358.69 points, and the Nasdaq Composite Index added 133.08 points, or 0.92%, to 14631.95 points.

Coca-Cola shares rose 1.3 percent after the company raised its full-year forecast.

Drug maker Johnson & Johnson expects sales of $2.5 billion of its coronavirus vaccine this year and has increased its estimates of sales. The company’s shares closed up 0.6%.

On the losing side, Netflix announced yesterday evening a slowdown in the pace of subscriber growth, which pushed its shares to decline 3.3%, becoming the second largest percentage loser on the S&P 500 index.





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