The S&P 500 index rose 1.2% as of 11:41 a.m. Eastern. More than 80% of stocks within the benchmark index made gains and it is now in the green for the week.Technology stocks led the gains as investors felt comfortable shifting money into areas of the market with higher risks. Technology heavyweight Microsoft rose 3.2% and iPhone maker Apple rose 2.2%.Banks, communications companies and industrial firms also made solid gains.
The Fed has been monitoring the impact of inflation on businesses and consumers and Fed Chair Jerome Powell acknowledged that the pressure isn’t lessening. That could mean the central bank has to take an even more aggressive approach to raising interest rates and removing the support it put in place for markets.
Investors are closely watching the latest round of corporate earnings to gauge just how much companies are getting hurt by inflation and how they expect it to impact them moving forward. Solid earnings did help push shares for many other companies higher. ServiceNow rose 11.7% after the maker of software that automates companies’ technology operations reported strong financial results. Electronic storage maker Seagate Technology rose 14.3% and jeans maker Levi Strauss rose 10.9% after also reporting encouraging financial results.
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