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* Social media stocks rally after upbeat results
* AmEx jumps on blowout Q2 profit
* Intel sales forecast implies rocky second half
* Indexes up: Dow 0.68%, S&P 1.00%, Nasdaq 0.99%
NEW YORK, July 23 (Reuters) - Wall Street rallied for the
fourth consecutive session on Friday, with the S&P 500 and the
Nasdaq on track for record closing highs as upbeat earnings put
investors in a buying mood.
All three major U.S. stock indexes were positioned to notch
Investor favor has seesawed between growth and value
for much of the week as market participants weighed
spiking infections of the COVID-19 Delta variant against strong
corporate results and signs of economic revival.
"Were going for a fourth consecutive up day after the Delta
scare earlier in the week," said Joseph Sroka, chief investment
officer at NovaPoint in Atlanta.
"The U.S. still looks like the best house on the block when
you look around the world, even though there are concerns about
inflation and labor," Sroka added. "Weve seen some increase in
cases in COVID, it hasnt been enough to give people too much
pause in the market."
Market participants now look toward next week the Federal
Reserve's two-day monetary policy meeting and a series of
The Fed's statement will be parsed for clues regarding the
timeframe for tightening its accommodative policies, although
Chairman Jerome Powell has repeatedly said the economy still
needs the central bank's full support.
The Dow Jones Industrial Average rose 235.13 points,
or 0.68%, to 35,058.48, the S&P 500 gained 43.78 points,
or 1.00%, to 4,411.26 and the Nasdaq Composite added
145.96 points, or 0.99%, to 14,830.56.
Of the 11 major sectors in the S&P 500, all but energy
were green, with communications services
enjoying the largest percentage gain.
Second-quarter reporting season is running at full-throttle,
with 120 of the companies in the S&P 500 having reported. Of
those, 88% have beaten consensus, according to Refinitiv.
Analysts now expect aggregate year-on-year S&P 500 earnings
growth of 78.1% for the April to June period, a sizeable
increase from the 54% annual growth seen at the beginning of the
Chipmaker Intel Corp said late Thursday that it
still faces supply constraints and provided disappointing
guidance. Its stock fell 6.3%.
American Express Co jumped 1.7% after posting
second-quarter profit that handily beat expectations on the
strength of a global recovery in consumer spending.
Social media firms Twitter Inc and Snap Inc
gained 3.8% and 24.5%, respectively, on the back of
their upbeat results.
Those reports bode well for Facebook Inc, which is
due to post second-quarter results next week. Its stock gained
Other high-profile earnings expected next week include Tesla
Inc, Apple Inc, Alphabet Inc,
Microsoft Corp and Amazon.com.
Industrials Lockheed Martin Corp, Boeing Co,
Ford Motor Co, General Dynamics Corp, 3M Co
Caterpillar Inc, Chevron Corp and Exxon Mobil
Corp, along with a host of healthcare, consumer goods
and others, are also on deck.
Advancing issues outnumbered declining ones on the NYSE by a
1.52-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored decliners.
The S&P 500 posted 81 new 52-week highs and no new lows; the
Nasdaq Composite recorded 78 new highs and 126 new lows.
(Reporting by Stephen Culp;
Additional reporting by Devik Jain and Shreyashi Sanyal in
Bengaluru; Editing by Cynthia Osterman)