Investors were buoyed by positive earnings news out of technology giants Apple and Amazon, as well as oil giants Exxon and Chevron.
The S&P 500 index was up 0.9% as of 10:05 a.m. Eastern. The Dow Jones Industrial Average was up 0.4% and the technology-heavy Nasdaq Composite was up 1.2%.
Oil giants Exxon and Chevron posted record quarterly profits last quarter amid high oil and gas prices.
The two companies made $46 billion last quarter and roughly four times the amount of money those two companies made in the same period a year earlier.
Amazon shares jumped 11% after the company posted a quarterly loss, but its revenue jumped sharply in the quarter.
Apple shares were more than 3% after its quarterly earnings were better than Wall Street expected. Apple saw its profit for the April-June period decline by 10% while revenue edged up 2% as it grappled with manufacturing headaches and inflation pressures.
An inflation gauge that is closely tracked by the Federal Reserve jumped 6.8% in June from a year ago, the biggest increase in four decades, and leaving Americans with no relief from surging costs. On a month-to-month basis, inflation accelerated to 1% in June from May’s 0.6% monthly increase.
The figures underscored the persistence of the inflation that is eroding Americans’ purchasing power, dimming their confidence in the economy and threatening Democrats in Congress in the run-up to the November midterm elections.
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