NEW YORK, July 20 — The Nasdaq rose today after a positive forecast from Netflix added to a largely upbeat second-quarter earnings from US companies against the backdrop of rising recession fears from the Federal Reserve’s efforts to tame surging inflation.
“Right now, investors seem more willing to reward than to punish because there’s already a lot of pessimism baked into trader sentiment,” said Steve Sosnick, chief strategist at Interactive Brokers. Runaway inflation initially led markets to price in a full 100-basis-point hike in interest rates at the Fed’s upcoming meeting next week, until some policymakers signaled a 75-basis-point increase.
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