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Wall Street rises on upbeat earnings as Fed looms; Nasdaq up over 1%

Of the 163 S&P 500 firms that have reported results, 79.1 per cent have surpassed a low bar of quarterly profit expectations, according to Refinitiv IBES data

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Advanced Micro Devices Inc jumped 12.4 per cent after the chipmaker raised its full-year revenue forecast | Photo: Bloomberg

Reuters

3 min read Last Updated : Jul 29 2020 | 9:53 PM IST

US stocks rose on Wednesday as a slew of positive earnings updates and hopes for assurances of continued support from the Federal Reserve overshadowed concerns about next steps for the government's coronavirus support plan.

Advanced Micro Devices Inc jumped 12.4 per cent after the chipmaker raised its full-year revenue forecast. Its shares were among the top boosts to the S&P 500 and Nasdaq.

The Philadelphia chip index rose 1.5 per cent.

Starbucks Corp climbed 3.9 per cent after the coffee chain said business was "steadily recovering" worldwide and it would return to profitability in the current quarter.

Of the 163

Topics : Lockdown Wall Street US stocks Dow Jones S&P 500 Federal Reserve

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