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Wall Street rallies on renewed economic optimism

07/20/2021 | 06:26pm EDT

BROADCAST AND DIGITAL RESTRICTIONS~**

Broadcasters: BLUE ORIGIN-FOR EDITORIAL USE ONLY. DO NOT OBSCURE LOGOS. NO ARCHIVE. NO RESALES. PART MUST COURTESY VIRGIN GALACTIC ON SCREEN OR IN ACCOMPANYING TEXT. DO NOT OBSCURE LOGO. Digital: BLUE ORIGIN-FOR EDITORIAL USE ONLY. DO NOT OBSCURE LOGOS. NO ARCHIVE. NO RESALES. ~**

Wall Street bounced back sharply Tuesday from Monday's steep sell-off, snapping a multi-day losing streak. Fueling the buying across-the-board: strong earnings from the likes of IBM and Halliburton and revived economic optimism amid an acceleration in housing starts.

On Monday, the Dow sank in its worst day in 9 months - the selling triggered by a spike in COVID-19 cases fueled by the fast-spreading Delta variant.

But Tuesday- investors put those concerns aside. The blue chip index closed 1.6% higher. The S&P 500 and the Nasdaq jumped more than 1-and-a-half percent. It was the Nasdaq's first gain in six sessions.

But Vespula Capital CEO Jeff Tomasulo says this market could suffer a pullback if this rebound rally doesn't get extended over the next few days.

"If it fails here and it starts to come in again, I would be really concerned that we can get a deeper correction of more than 3%, maybe that five to 10% that we saw in the Russell 2000."

Shares of Halliburton spurted nearly 4% higher. The oilfield services giant posted its second straight quarterly profit as high crude prices fueled demand for its services.

Amazon founder Jeff Bezo's successful space flight aboard Blue Origin's vehicle drove down shares of rival Virgin Galactic as much as 8% before settling for a loss of over 1%. Virgin founder Richard Branson had made a similar suborbital flight nine days ago aboard his SpaceShipTwo vehicle.

Shares of Netflix jumped around after the bell. The streaming video company's quarterly forecast for paid subscriber additions was far below what analysts had expected. Netflix faces intense competition from deep-pocketed rivals as the stay-at-home boom wanes.


© Reuters 2021
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