Publishing date: Feb 03, 2021 • February 3, 2021 • 3 minute read •
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(Bloomberg) Stocks almost wiped out their advance as a decline in technology and retail companies dragged down the Nasdaq 100. Treasuries retreated. Oil climbed.
The S&P 500 closed with a small gain following its biggest two-day rally in almost three months. Energy and financial shares outpaced tech even after Google’s parent Alphabet Inc. hit a record on stellar results, while Amazon.com Inc. slumped. Banks climbed as JPMorgan Chase & Co. and Morgan Stanley issued bullish calls on the industry. GameStop Corp., the poster child for Redditors looking to squeeze short sellers, and movie-theater chain AMC Entertainment Holdings Inc. rebounded following Tuesday’s plunge.
Stocks Rise After Earnings Reports as Banks Climb: Markets Wrap
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Stocks Climb After Earnings Reports as Banks Rally: Markets Wrap
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S&P 500 rises after earnings reports; Nasdaq falls
Rita Nazareth and Vildana Hajric, Bloomberg News
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Stocks rose for a third straight day, with investors assessing corporate earnings. Treasuries retreated. Oil climbed.
The S&P 500 advanced at a slower pace relative to the surge of the past two sessions, with energy and financial shares outpacing tech even after Googleâs parent Alphabet Inc. hit a record on stellar results. The Nasdaq 100 fell, led by Amazon.com Inc. Banks climbed as JPMorgan Chase & Co. and Morgan Stanley issued bullish calls on the industry. GameStop Corp., the poster child for Redditors looking to squeeze short sellers, and movie-theater chain AMC Entertainment Holdings Inc. rebounded following Tuesdayâs plunge. Drugmaker Biogen Inc. slumped after disappointing forecasts.