July 14, 2024

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Wall Street remains in good shape due to health sector gains and despite supply problems in the US

Wall Street remains in good shape due to health sector gains and despite supply problems in the US

A banner on Wall Street outside the New York Stock Exchange (Image: Reuters)

Stock indices in the United States rose on Wednesday on the back of strong quarterly results for healthcare companies such as Anthem and Abbott, although concerns persisted about the impact of supply chain restrictions and inflation on corporate earnings.

At 1430 GMT, the Dow Jones Industrial Average rose 152.47 points, or 0.44%, to 3,5614.22 points. The S&P 500 rose 14.43 points, or 0.32%, to 4,534.17 units. The Nasdaq Composite added 16.82 points, or 0.11%, to 15,145 units.

Abbott Laboratories jumped 4.2% after it raised its full-year profit forecast on the back of rebounding sales of its COVID-19 tests.

Anthem Inc stock is up 5.7% and Biogen Inc is up 2% after both companions raised their full-year earnings forecasts.

Eight of the 11 largest sectors in the S&P 500 rose, led by healthcare stocks.

Analysts expect S&P 500 earnings to rise 33% from a year earlier, according to Refinitiv data, as they remain vigilant about the growth outlook for companies facing rising costs, labor shortages and disruptions in the supply chain.

Netflix has been able to get more users than expected thanks to the global sensation of “The Squid Game,” and anticipate new releases that will boost membership through the end of the year. However, their papers are down 2.3% after hitting a record high this month and have accumulated an 18.2% increase so far this year.

Telecom companies and other giant capitalization technologies operate unevenly. Facebook rose 0.2% amid plans to rebrand itself as the metaverse hub, according to The Verge.

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