(Bloomberg) — A rally in big tech and a batch of earnings from corporate heavyweights drove stocks toward a record close in a continuation of the surge fueled by the strength of Corporate America.
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With an almost 1% advance, the S&P 500 briefly touched its intraday high near 6,100. Nvidia Corp. led gains in megacaps while Oracle Corp. soared 7% on a $100 billion joint venture with SoftBank Group and OpenAI, an effort unveiled with President Donald Trump that further boosts prospects for the artificial-intelligence mania that has powered the market. Netflix Inc. surged 11% amid its biggest-ever subscriber gain. Travelers Cos. and Procter & Gamble Co. climbed on strong results.
“We stay risk-on and expect earnings to fuel equities,” said BlackRock Investment Institute strategists including Jean Boivin and Wei Li. “Even in a higher-rate environment, we still think stocks can keep pushing higher as long as fundamentals stay strong.”
To Matt Maley…
2025-01-22 11:48:13
Link from finance.yahoo.com
