Widespread rally lifts market near record highs, with Big Tech dragging it down slightly
From Yahoo Finance: 2024-07-16 11:36:39
U.S. stocks are soaring near record highs after companies like UnitedHealth Group and Bank of America reported better-than-expected profits for the spring, propelling the S&P 500 up by 0.5%. The Dow Jones Industrial Average surged 613 points, Nasdaq climbed 0.1%, and Amazon saw a 0.8% rise on the 10th Prime Day sales event. While influential Big Tech stocks like Nvidia fell slightly, the broader market’s performance is seen as healthier with more companies participating in the rally. The yield on the 10-year Treasury fell to 4.19%, reflecting rising expectations of slowing inflation and potential interest rate cuts by the Federal Reserve soon.
Read more at Yahoo Finance: A widespread rally sends Wall Street toward records, even as Big Tech weighs