U.S. Stocks Rally Amid Higher-Than-Estimated Corporate Profits
This article is for subscribers only.
U.S. stocks advanced, sending the Standard & Poor’s 500 Index higher for a second day, after corporate profit topped analysts’ estimates and a government report showed a decline in jobless claims.
Micron Technology Inc., the biggest U.S. producer of computer-memory chips, rose 8.4 percent and Linux-software maker Red Hat Inc. surged 18 percent after earnings beat analysts’ estimates. GameStop Corp. jumped 2.9 percent as the largest video-game retailer forecast profit above analyst’s projections. Amazon.com Inc. gained 3.5 percent after William Blair & Co. raised its rating for the world’s biggest online retailer.