S&P 500 Rises 0.89% as Chip Stocks and Earnings End 3-Day Slide
Updated
Updated · CNBC · Jul 20
S&P 500 Rises 0.89% as Chip Stocks and Earnings End 3-Day Slide
3 articles · Updated · CNBC · Jul 20
Summary
The Dow gained 385.38 points, the S&P 500 rose to 7,509.20 and the Nasdaq added 1.29%, with all three major indexes snapping three-day losing streaks.
Chipmakers and upbeat earnings drove the rebound: the VanEck Semiconductor ETF climbed more than 4%, Micron jumped 12%, Intel 8%, 3M more than 7% and GM nearly 5%.
About 88% of the 66 S&P 500 companies reporting so far have beaten profit estimates, though investors are setting a higher bar after the market's run to record highs.
Oil still stayed elevated amid the U.S.-Iran war, with WTI up 2% at $84.91 and Brent up 2% at $91.01, even as traders watched reports of a proposed 10-day ceasefire.