Wall Street closes sharply higher on strong corporate earnings

NEW YORK, July 20 — US stocks closed with sharp gains yesterday as more companies joined big banks in reporting earnings that beat forecasts, offering respite to investors worried about higher inflation and a tightening Fed denting the corporate bottomline.

Truist Financial Corp also beat market estimates for quarterly profit, sending the bank’s shares up 2.6 per cent. A strong dollar also weighed on shares of IT hardware and services company IBM Corp, which beat quarterly revenue expectations on Monday but warned the hit from forex for the year could be about US$3.5 billion .

The Dow Jones Industrial Average rose 754.44 points, or 2.43 per cent, to 31,827.05, the S&P 500 gained 105.84 points, or 2.76 per cent, to 3,936.69 and the Nasdaq Composite added 353.10 points, or 3.11 per cent, to 11,713.15.

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