Wall Street’s main indexes rallied on Thursday as a surge in technology stocks and strong quarterly results helped investors to look away from inflation concerns.
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Wall Street’s main indexes rallied on Thursday as a surge in technology stocks and strong quarterly results helped investors to look away from inflation concerns. The biggest boost came from growth names including Facebook Inc., Microsoft Corp., Amazon.com Inc., Tesla Inc., Apple Inc., and Google-parent Alphabet, which rose more than 1 percent. Bank of America gained 1.3 percent as its profit topped market expectations, helped by the release of reserves to cover loan losses. UnitedHealth Group Inc. jumped about 5 percent to top the S&P 500 and the Dow, after the health insurer raised its full-year adjusted profit forecast on strength from its Optum unit that manages drug benefits. “Heading into this third quarter reporting period, the market was experiencing weakness… a lot of analysts were worried that earnings might end up disappointing,” said Sam Stovall, chief investment strategist at CFRA.
