Wall Street notches record closing high on earnings, economic strength

NEW YORK, July 23 (Reuters) – Wall Street gained ground for the fourth straight session on Friday, extending a rally that pushed all three major U.S. stock indexes to record closing highs as upbeat earnings and signs of economic revival fueled investor risk appetite.

The S&P 500, the Nasdaq and the Dow all notched weekly gains.

“We see a continuation of the last couple days. It’s roller coaster in reverse. We did the drop first, and we’ve been climbing back to the top ever since,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.

Growth (.IGX) and value (.IVX) stocks seesawed for much of the week as market participants weighed spiking infections of the COVID-19 Delta variant against strong corporate results and signs of economic revival.

“There’s push and pull, there’s clearly conflict in the market,” Zaccarelli added. “There’s a strong difference of opinion as to whether the future’s bright or whether there are clouds on the horizon.”

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Source: Reuters