Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Bond yields were recovering from their sharp fall earlier in the week. The yield on the 10-year Treasury note was 1.27%, up from 1.21% the day before. The 10-year note’s yield had fallen into the teens on Monday on concerns that the delta variant of the coronavirus might impact economic growth globally.
Not all earnings were positive. Netflix fell 2.6% after reporting its worst slowdown in subscriber growth in eight years. Johnson & Johnson shares were up 0.5% after the company reported a 73% rise in profits, thanks to strong sales growth across all of its businesses, particularly its medical device and diagnostics division.
Earnings season will kick into high gear next week, when more than 100 members of the S&P 500 will report their quarter results. What’s pushing stocks higher the last two days has been better-than-expected results from big corporations. Dow component Coca-Cola was up 2% after the company raised its full-year forecast and reported better-than-expected results. Fast food chain Chipotle Mexican Grill jumped nearly 9% after the company also reported much better than expected results after the closing bell Tuesday.
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