Stocks Stage Rally as Earnings Season Kicks Off: Markets Wrap
- Prices paid to U.S. producers post smallest advance this year
- U.S. initial jobless claims decline to lowest since March 2020
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The stock market had its best day since March as better-than-estimated corporate earnings and economic reports outweighed fears that inflation pressures and supply-chain snarls could crimp growth.
All major groups in the S&P 500 advanced. The KBW Bank Index -- which has surged almost 40% in 2021 -- pushed higher as results from some of the largest financial institutions beat Wall Street’s estimates. UnitedHealth Group Inc. led gains in the Dow Jones Industrial Average as the health-care giant raised its outlook for the year, while chipmakers climbed on a bullish forecast from Taiwan Semiconductor Manufacturing Co.