S&P 500 notches its best back-to-back rally in months

Apr 24, 2024 thejournalbiz

A rally in tech heavyweights lifted the broader stock market, with the group’s high-stakes earnings seen by Wall Street investors as a major test of the bull run in equities.

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Bloomberg chart

In late hours, Tesla Inc. soared as the electric-vehicle giant said it will accelerate the launch of more-affordable models — and chief Elon Musk struck an upbeat tone.

Ahead of a busy period of quarterly earnings, Bank of America Corp.’s corporate clients stepped up purchases of their own stock

The S&P 500 notched its best back-to-back rally in two months. Nvidia Corp., the poster child of the artificial-intelligence boom, led a surge in chipmakers. United Parcel Service Inc.

An economic barometer reported profit that beat estimates. Goldman Sachs Group Inc. closed at an all-time high.

Treasuries briefly extended gains after a solid $69 billion sale of two-year notes but quickly returned to levels seen ahead of the auction with 10-year yields little changed.

Buybacks accelerated in the five days through April 19 and are tracking above typical seasonal levels for the seventh consecutive week quantitative strategists led by Jill Carey Hall wrote Tuesday in note to clients.

Besides Tesla, Microsoft Corp., Meta Platforms Inc., and Alphabet Inc. are also due to report earnings this week. And stakes are high.