Wall St rises after steep selloff, strong results boost IBM

A person walks by the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly

  • 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.

The second-quarter…

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