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S&P 500, Nasdaq register biggest monthly gains since 2020

Economy Jul 29, 2022 08:00PM ET
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2/2 © Reuters. A trader works on the floor of the New York Stock Exchange (NYSE) following a Fed rate announcement, in New York City, U.S., July 27, 2022. REUTERS/Brendan McDermid 2/2
 
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By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks added to their recent rally on Friday after upbeat forecasts from Apple and Amazon.com, and the S&P 500 and Nasdaq posted their biggest monthly percentage gains since 2020.

Most S&P 500 sectors ended higher, with energy rising 4.5%, the most of any S&P sector. Chevron Corp (NYSE:CVX) rose 8.9% and Exxon Mobil (NYSE:XOM) shares jumped 4.6% after the companies reported record quarterly revenues.

Apple Inc (NASDAQ:AAPL) shares gained 3.3% after the company said parts shortages were easing and that demand for iPhones was continuing. Amazon.com Inc (NASDAQ:AMZN) shot up 10.4% after it forecast a jump in third-quarter revenue from bigger fees from its Prime loyalty subscriptions.

"In today's market, the Amazon and Apple numbers are giving the market support (on) the idea that two large companies that are a large part of the S&P seem so far to be able to navigate through these tougher times," said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.

Stocks have also rallied this week on investor speculation that the Federal Reserve may not need to be as aggressive with interest rate hikes as some had feared.

The Dow Jones Industrial Average rose 315.5 points, or 0.97%, to 32,845.13; the S&P 500 gained 57.86 points, or 1.42%, to 4,130.29 and the Nasdaq Composite added 228.10 points, or 1.88%, to 12,390.69.

All three major indexes gained for the month and for the week. The S&P 500 gained about 9.1% for July in its biggest monthly percentage gain since November 2020, while the Nasdaq jumped about 12.3% in July in its biggest monthly gain since April 2020.

In other earnings, Intel Corp (NASDAQ:INTC) shares fell 8.6% after the company cut annual sales and profit forecasts and missed second-quarter estimates.

Second-quarter U.S. corporate results have mostly been stronger than expected.

Of the 279 S&P 500 companies that have reported earnings so far, 77.8% have exceeded expectations. Earnings for S&P 500 companies now are expected to have increased 7.1% in the quarter versus an estimated 5.6% at the start of July, according to IBES data from Refinitiv.

The day's economic data showed U.S. labor costs increased strongly in the second quarter as a tight jobs market boosted wage growth.

But on Thursday, a government report showed the American economy unexpectedly contracted in the second quarter, suggesting to some investors that the economy was on the cusp of a recession. They said it might deter the Fed from continuing to aggressively increase rates as it battles high inflation.

Volume on U.S. exchanges was 11.35 billion shares, compared with the 10.79 billion-share average for the full session over the last 20 trading days.

Advancing issues outnumbered declining ones on the NYSE by a 2.92-to-1 ratio; on Nasdaq, a 1.44-to-1 ratio favored advancers.

The S&P 500 posted three new 52-week highs and 33 new lows; the Nasdaq Composite recorded 63 new highs and 82 new lows.

S&P 500, Nasdaq register biggest monthly gains since 2020
 

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Comments (32)
Muhammad Shahid
Muhammad Shahid Aug 01, 2022 12:20AM ET
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need a broker
Brad Albright
Brad Albright Jul 30, 2022 9:33AM ET
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Grumble, grumble, grumble. The market is merely reflecting sentiment that the fed will likely succeed in an economic soft landing. That contradicts with some people's desire to see America fail, but the world does not invest in American companies for any reasons other than expectations of growth and profit.
lup sup
lup sup Jul 30, 2022 12:07AM ET
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The US market is high on weed.
John Dislias
HephaestusTrades Jul 29, 2022 5:40PM ET
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Next week , oil up , nasdaq down , oil companeis up , Chinese auto companies uos
Nils Hullmann
Nils Hullmann Jul 29, 2022 4:39PM ET
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manipulated buying program to cover the recession
Brad Albright
Brad Albright Jul 29, 2022 4:39PM ET
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This is true. I was having dinner with the cabal last week and someone said, "Hey, why don't we buy a lot of stock in US companies to cover the recession." We all did a shot of adrenachrome and agreed. I even got to click the button on the buying program. Great fun, you should think of joining.
Iwant Yourmoney
Iwant Yourmoney Jul 29, 2022 4:28PM ET
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The only way the fed speak makes sense is jpowell is waiting for the midterm elections to be over.
Brad Albright
Brad Albright Jul 29, 2022 4:28PM ET
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To so what? Release the Kraken?
Ronald Warren
Ronald Warren Jul 29, 2022 3:37PM ET
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Short This Beach!
nils Hullmann
nils Hullmann Jul 29, 2022 2:53PM ET
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the last 24 hour 22 modifications have been made on wikipedia for ...recession.....leftwing nutjobs trying to convince everyone to have the same mental illness as them
First Last
First Last Jul 29, 2022 2:53PM ET
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Defining "recession" is like defining ******.  Different definitions from different people w/ different agendas.  For the US gov't, only the National Bureau of Economic Research's Business Cycle Dating Committee can officially declare the U.S. to be in a recession.
nils Hullmann
nils Hullmann Jul 29, 2022 2:53PM ET
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First Last  look who drank the whole bottle kool aid of leftwing media...funny part is your pressious cnn/msnbc did exatly define recession as 2 quarter of negative gdp you just have to watch clips of 2020
First Last
First Last Jul 29, 2022 2:53PM ET
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nils Hullmann   Did cnn/msnbc said US is NOT in a recession?
Brad Albright
Brad Albright Jul 29, 2022 2:53PM ET
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2020? So there was a Trump recession?
Kerry Ditto
Kerry Ditto Jul 29, 2022 2:15PM ET
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up goes down. housing collapse would trigger downfall.
Jeremy McQuown
Jeremy McQuown Jul 29, 2022 2:11PM ET
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Consumers are dealing with double digit inflation, getting squeezed tighter everyday, which is increasing companies profits? The fed's rate increases are non-linear once they are passed on to the consumer which increases the cost of debt households are carrying to make ends meet so most banks are doing very well too. Trump reduced corp taxes which has allowed them to purchase stock back inflating share prices (and any indivdual tax cuts are expiring unlike the perminant corp cuts). Unemployment #'s dont count under employed or those that ran out of benefits. (and somehow when the market dips its Bidens fault), record accumulation of wealth to top 1%, many in the top 5% are now paycheck to paycheck. All great fundimentals for a solid economy. oh and its all Biden's fault 🤦‍♂️
 
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