Wall Street\u2019s main indexes rallied on Thursday, boosted by technology stocks and strong quarterly results from Bank of America and Walgreens, while better-than-expected economic data eased some concerns about higher inflation.
At 12:08 p.m. ET, the Dow Jones Industrial Average was up 499.56 points, or 1.45%, at 34,877.37, the S&P 500 was up 67.63 points, or 1.55%, at 4,431.43, and the Nasdaq Composite was up 237.63 points, or 1.63%, at 14,809.26.
Citigroup, Bank of America Corp and Morgan Stanley topped quarterly earnings estimates, helped by release of more reserves to cover loan losses.
Several shares gained between 0.1% and 3.3%. Walgreens Boots Alliance Inc jumped 5.9% to top the S&P 500 and the Dow, after the drugstore chain reported fourth-quarter revenue and adjusted profit above estimates and forecast growth of 11% to 13% in the long term.
The market strength today is partly predicated on better than expected earnings. All of the 11 major S&P sectors advanced, with nine of them gaining more than 1%. The small cap Russell 2000 index added 1.3%.<\/p>\n","protected":false},"excerpt":{"rendered":"
Wall Street\u2019s main indexes rallied on Thursday, boosted by technology stocks and strong quarterly results from Bank of America and Walgreens, while better-than-expected economic data eased some concerns about higher inflation.At 12:08 p.m. ET, the Dow Jones Industrial Average was up 499.56 points, or 1.45%, at 34,877.37, the S&P 500 was up 67.63 points, or …<\/p>\n","protected":false},"author":13,"featured_media":52424,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[7715,7236,7270,7113,6901,6862],"class_list":["post-52751","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-bank-earnings","tag-bank-of-america","tag-dowjones","tag-earnings","tag-nasdaq","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=52751"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52751\/revisions"}],"predecessor-version":[{"id":52756,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52751\/revisions\/52756"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52424"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=52751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=52751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=52751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}