New York, Aug. 3 (BUS): Shares rose in afternoon trading on Wall Street on Wednesday as investors reviewed another boost, mostly encouraging, from earnings from several major companies.
The S&P 500 was up 1.3% as of 12:01 p.m. ET. The Dow Jones Industrial Average rose 330 points, or 1%, to 32,732 and the Nasdaq rose 2.1%, according to the Associated Press.
The gains helped the indices recover most of this week’s losses. Technology companies, retailers and telecom companies were among the biggest winners.
Sectors considered less risky, such as utilities and consumer goods makers, have lagged behind the broader market.
Wall Street also received a surprisingly good report on a key part of the economy. The services sector, which makes up the bulk of the US economy, grew unexpectedly in July, according to the Institute for Supply Management.
The yield on the 10-year Treasury rose to 2.78% from 2.73% late Tuesday.
Earnings remain in focus this week as investors analyze the latest results and data from companies to better understand how inflation is affecting businesses and consumers.
Oil prices remained mostly flat after OPEC’s decision to increase production in September at a much slower pace than in previous months.
The upcoming labor market data could help investors determine how the Federal Reserve will proceed with interest rate policy, which has been aggressive in an effort to tame inflation.
Last week’s US jobless claims numbers will be released on Thursday, and the government releases its July jobs report on Friday.
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