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The stock market had its best day since March as better-than-estimated corporate earnings and economic reports outweighed fears that inflation pressures and supply-chain snarls could crimp growth.
(Bloomberg) The stock market had its best day since March as better-than-estimated corporate earnings and economic reports outweighed fears that inflation pressures and supply-chain snarls could crimp growth. All major groups in the S&P 500 advanced. The KBW Bank Index which has surged almost 40% in 2021 pushed higher as results from some of the largest financial institutions beat Wall Street’s estimates. UnitedHealth Group Inc. led gains in the Dow Jones Industrial Average as the health-care giant raised its outlook for the year, while chipmakers climbed on a bullish forecast from Taiwan Semiconductor Manufacturing Co. Read: Wall Street Bosses See Windfall Lasting, Fueling Pay and Hiring Corporate profits have been a boon for the equity market throughout the pandemic. Since March 2020, the S&P 500 has risen each quarter, advancing 4% on average over the six-week stretch. Pent-up demand should drive revenue growth, while pricing power and operating leverage would help offset in