- July 20, 2021
- Posted by: Stratford Team
- Category: Business
- IBM rises as revenue beats on cloud strength
- Cryptocurrency, blockchain-related stocks fall
- Indexes up: Dow 0.68%, S&P 0.39%, Nasdaq 0.09%
July 20 (Reuters) – Wall Street’s main indexes rose on Tuesday, as economically sensitive stocks rebounded after a sharp selloff in the previous session, while International Business Machines (IBM) jumped on strong second-quarter results.
Shares of the blue-chip technology firm (IBM.N) climbed 3.7% as brokerages raised their price targets on the stock following robust growth in the company’s cloud and consulting businesses. read more
Nine of the 11 major S&P 500 sector indexes were trading higher, with the S&P 500 banks index (.SPXBK) rising 0.7%.
Focus is now on earnings reports from companies such as Netflix Inc (.NFLX.O) and Chipotle Mexican Grill (CMG.N) due later in the day.