Stock market today (April 27, 2024): Alphabet and Microsoft help Wall Street clinch its best week in nearly 6 months

The S&P 500 rallied 1% to finish its first winning week in the last four. The Dow Jones Industrial Average rose 153 points, or 0.4%, and the Nasdaq composite jumped 2%.

They helped offset a 9.2% drop for Intel. It reported stronger profit for the latest quarter than expected, but its revenue fell short of analysts’ estimates. So did its forecast for profit in the current quarter. “The economy remains on solid footing,” Bank of America economists said in a report, pointing to solid buying trends from U.S. customers. Such an interpretation calms worries that the U.S. economy could be heading for a toxic mix of stagnating growth and high inflation, something that the Federal Reserve doesn’t have great tools to fix.

If interest rates stay high, companies will need to produce stronger profits for their stock prices to rise. So far this reporting season, the trend has been better than expected.

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