US stocks extend rally on mostly solid earnings

US stocks extend rally on mostly solid earnings

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, US, March 9, 2020. — Reuters pic

Friday, 29 Jul 2022 10:44 PM MYT

NEW YORK, July 29 — Wall Street stocks extended a positive run early today, rallying after mostly solid earnings despite data showing another rise in US inflation.

Shares of several corporate giants rose following results, including oil giants ExxonMobil and Chevron and Amazon, which surged more than 12 per cent after it reported higher revenues despite a US$2 billion quarterly loss.

The Fed’s preferred inflation gauge, the personal consumption expenditures price index, jumped 1.0 per cent in June compared to May, outpacing personal income which rose just 0.6 per cent.

The data suggest Federal Reserve efforts to combat inflation have yet to pay off.

But analysts attributed the market’s early gains to positive investor sentiment over earnings that have been better than feared.

About 30 minutes into trading, the Dow Jones Industrial Average was up 0.2 per cent at 32,606.45,

The broad-based S&P 500 gained 0.7 per cent to 4,102.62, while the tech-rich Nasdaq Composite Index jumped 1.0 per cent to 12,289.56.

Among other companies reporting results, Apple rose 3.2 per cent, ExxonMobil gained 3.1 per cent and Chevron surged 6.3 per cent, while Procter & Gamble fell 4.9 per cent. — AFP