Strong Earnings Lift Stocks as Bank Concerns Loom: Markets Wrap
- Technology stocks lead gains on strong corporate results
- Core PCE data reinforces case for another Fed rate hike
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US equities extended a rally Friday as investors wrestled with strong corporate earnings against concerns about regional banks and inflation. Treasuries rose.
The S&P 500 gained 0.8% after better-than-expected earnings from the likes of Exxon Mobil Corp. and Intel Corp., up 1.3% and 4% respectively. However, the gains proved precarious in midday trading after Federal Reserve officials called for broad changes to bank rules in the wake of Silicon Valley Bank’s collapse.