NEW YORK, July 21 — Wall Street’s main indexes rose today as upbeat quarterly results from companies including Verizon and Coca-Cola reignited optimism about the health of corporate America.
Wall Street ended sharply higher on Tuesday, rebounding from a multi-day losing streak, as a string of upbeat earnings reports and revived economic optimism fuelled a risk-on rally. For the year so far, the benchmark S&P 500 index has gained 15.8 per cent on optimism about a stronger recovery due to vaccinations and favourable monetary policy.
However, a weak subscriber growth projection by Netflix Inc, which benefited from the stay-at-home environment last year, pushed its shares down 3.6 per cent. Interpublic Group of Companies jumped 13.4 per cent to the top of the S&P 500 index after the advertising firm posted an upbeat second-quarter profit.