NEW YORK, July 23 — Wall Street’s main indexes rose today, helped by megacap technology stocks and strong earnings from social media companies, while a weak sales forecast from Intel hit chipmakers amid increasing supply-chain constraints.
The S&P 500 communication services sector index, added 1.2 per cent to be the top gainer among the 11 major S&P sectors. American Express Co jumped 3.3 per cent and was the top boost to the S&P 500 financials sector after its second-quarter profit blew past expectations. Wall Street investors have shifted between growth stocks and economically sensitive value shares this week, after concerns about the spread of the Delta coronavirus variant roiled markets and sparked a flight to the perceived safety of bond markets on Monday.
The Federal Reserve’s policy meeting next week will be closely watched for further hints about tapering amid a spike in Covid-19 cases, though Chair Jerome Powell has repeatedly said the labour market remains well short of its target.
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