Wall Street rises on earnings boost; Big Tech bounces back | Malay Mail

NEW YORK, Jan 19 — US stock indexes rose today after upbeat results from a host of companies partially offset a wobbly start to the fourth-quarter reporting season, while Big Tech stocks also made a comeback after a bruising selloff.

“Now that we’ve seen a bit of a sell off, when a company reports better-than-expected earnings, they should get a price rise as opposed to last quarter.” Procter & Gamble gained 3.8 per cent as it raised its annual sales forecast, benefiting from resurgent demand for cleaning products due to a spike in Covid-19 infections.

Earnings from S&P 500 companies are expected to grow 23.1 per cent year-over-year in the fourth quarter, according to IBES estimates from Refinitiv. Megacap growth companies, including Microsoft Corp, Alphabet Inc, Tesla Inc, Meta Platforms Inc and Netflix Inc, rose up to 2 per cent.

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