October 14, 2024

Wall Street Rallies on Strong Earnings Prospects Amid Tech Surge

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Wall Street experienced a positive upswing on Monday as the S&P 500 and the Dow Jones climbed to new intraday records. This surge was fueled by investor enthusiasm for the impending corporate earnings reports and promising economic data.

Leading the markets were semiconductor companies, with Nvidia recording a significant 2.5% uptick. Tech giants Apple and Microsoft also contributed to the bullish sentiment. Amid this, senior portfolio manager Robert Pavlik emphasized the persistent belief in a slowly progressing economy.

However, the rally faced limitations. Caterpillar’s stocks fell post-brokerage downgrade, and Boeing’s announcement of a larger Q3 loss added pressure. Additionally, investors keep an eye on economic indicators like U.S. retail sales, while the Fed hints at potential interest rate cuts.

(With inputs from agencies.)

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