Wall Street ended higher lifted by Apple and energy stocks, but limited by declines in AIG and Microsoft while investors awaited more U.S. government economic stimulus
Apple climbed 0.7%, up for a fifth straight session as investors cheered the iPhone maker’s blowout quarterly report last week. The Silicon Valley heavyweight is around $120 billion away from becoming the first U.S. publicly listed company with a stock market value of $2 trillion.
Ralph Lauren Corp dropped 4.4% to its lowest since May after quarterly revenue plunged due to coronavirus-related store closures and a slowdown in global demand for luxury goods.Notwithstanding those two reports, about 83% of the 352 companies in the S&P 500 that have reported quarterly results so far have beaten estimates for earnings, according to IBES Refinitiv data.
A rally in tech-related stocks and trillions of dollars in monetary and fiscal stimulus have lifted the S&P 500 to within about 3% of February’s record high.
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