Stocks Hit Record as Blowout Profits Hearten Bulls: Markets Wrap
- Social-media giants Twitter and Snap rally after results
- AmEx jumps amid record number of new Platinum customers
This article is for subscribers only.
Another raft of blockbuster corporate profits pushed stocks to a record at the end of a week that started with concern about a peak in earnings and a coronavirus resurgence.
About 87% of the S&P 500 companies reporting results so far this season have beaten Wall Street estimates, according to data compiled by Bloomberg. Twitter Inc. and Snap Inc. led a rally in social-media firms as sales blew past forecasts, while American Express Co. jumped after adding a record number of new customers to its tony Platinum card in the second quarter.