“The reason we are seeing this rally over the last wk is that company earnings are looking really good, most companies are managing inflationary pressures and pricing issues and that is helping to alleviate concerns about overvaluation and inflation” — Paul Ebeling
Wednesday solid earnings from healthcare companies helped power broad gains for stocks on Wall Street and drove the benchmark S&P 500 just shy of an all-time high.
The S&P 500 rose 0.4% as of 3:13p EDT. The benchmark index has marked gainers over the last 5 days and is hovering around its all-time high set on 2 September
The DJIA rose 164 pts, or 0.5% at 35,622 and the NAS Comp fell less than 0.1%.
Technology stocks lagged the broader market. Bond yields were relatively stable. The yield on the 10-year Treasury rose to 1.64% from 1.63% late Tuesday.
The price of Bitcoin rose 3.5% to over $66,667. It reached an all-time high early in the day. The gainers came a day after the 1st ETF linked to Bitcoin futures attracted huge interest from investors looking to get into cryptocurrencies.
Have a prosperous day, Keep the Faith1