Wall Street closes higher boosted by tech stocks gains on upbeat earnings

NEW YORK, July 21 ― US stocks ended higher yesterday with the tech-heavy Nasdaq booking a 1.6 per cent gain on positive earnings signals with a wary eye on inflation and more interest rate hikes by the Fed.

Electric vehicle maker Tesla Inc rose 2 per cent in extended trading after reporting a rise in quarterly profit after the bell. Analysts expect aggregate year-on-year S&P 500 profit to grow 5.9 per cent in this reporting season, down from the 6.8 per cent estimate at the start of the quarter, according to Refinitiv data.

Seven of the 11 major sectors of the S&P 500 gained ground, with consumer discretionary and information technology posting the biggest gains. “Low volumes accentuate market moves historically and even though we've wiped off US$10 or US$15 trillion from global equities this year, there's still a lot of excess liquidity. So low volume on excess liquidity can still accentuate moves,” John Lynch, chief investment officer for Comerica Wealth Management, said.

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