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Pfizer s shares soar to 20-year high as vaccine manufacturers stocks surge amid COVID-19
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Pfizer shares hit record high with COVID-19 vaccine stocks on a tear
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Ford rises after strong earnings
NEW YORK, July 29 (Reuters) - U.S. stocks ended higher on Thursday, boosted by robust U.S. earnings and forecasts, while data showed the U.S. economy was above its pre-pandemic level.
The U.S. economy grew solidly in the second quarter, putting the level of gross domestic product above its pre-pandemic peak, but the pace of GDP growth was slower than economists had expected. read more
Among upbeat corporate reports on Thursday, Ford Motor Co (F.N) jumped as it lifted its profit forecast for the year, while KFC-owner Yum Brands Inc (YUM.N) rose after beating expectations for quarterly sales. read more
July 29, 2021
Value stocks and related exchange traded funds rallied as new data suggested the economy finally strengthened above pre-pandemic levels.
The U.S. economy expanded in the second quarter, putting the level of gross domestic product above its pre-pandemic high, but some warned that the pace of growth has been slower than anticipated, Reuters reports.
With GDP numbers below expectations, “people are thinking this is going to slow down the talk about tapering, and that’s what people want to see,” Peter Tuz, president of Chase Investment Counsel, told Reuters. Investors also saw “some pretty good earnings today.”
The Federal Reserve has stated that it will continue to maintain its accommodative measures. The Fed said there was “very little support” for rollbacking its $40 billion in monthly purchases of mortgage-backed securities “earlier” than the $80 billion in Treasuries.
Earnings bounce, bond-yield drop help keep party going for U S stocks
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