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With confidence in earnings outweighing rising earnings, Wall Street ends higher

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News Tech: U.S. stocks rallied Tuesday as investors used positive gains to boost Wall Street’s main index, taking relief from two Fed officials who made more dovish comments than the other on rate hikes closed higher. Stocks of mega-cap companies such as Microsoft Corp, Apple Inc and Amazon.com Inc rose even as government bond yields continued to rise recently. Johnson & Johnson hit an all-time high before falling slightly as quarterly profit beat market expectations and a higher dividend.

Of the 49 companies in the S&P 500 that have reported quarterly results so far, 79.6% have beaten earnings estimates, according to Refinitiv data. Typically 66% beat estimate. “Each earnings season, especially after March 2020, feels more important than the next, but especially our position in the economic cycle, the Fed rate hikes,” said Equity Derivatives’ Max Grinakov. Given the cyclical, inflationary backdrop,” he said.

He also said he would not rule out a 75 basis point rate hike. After Chicago Fed President Charles Evans and Atlanta Fed President Rafael Bostic made more dovish comments, stocks seemed to shrug off the comments and major indices rose in late afternoon trading continued. However, bond yields continue their recent upward trend. The 30-year yield has crossed 3% for the first time since April 2019.

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