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S&P 500 Narrows in on ATH as Earnings Add Another Tailwind

  • Wall Street traded uniformly positively Wednesday, with the S&P 500 adding just shy of 0.5% to narrow in on the all-time highs posted back in early September. The cash index showed above the record closing level, but in futures terms the e-mini S&P has around 17 points further to run before record highs in play.
  • Earnings added another tailwind to equities, with the likes of Verizon Communications and Abbott Labs rallying sharply after their reports. This put utilities and healthcare sectors at the top of the sector breakdown, with tech firms the sole laggard.
  • Europe was similarly positive, but gains were more modest, with the EuroStoxx50 adding just over 0.1% while the CAC-40 outperformed to close higher by 0.5%.
  • Focus remains on earnings, with Thursday's highlights including Intel, AT&T, Union Pacific and Southwest Airlines. Full schedule with timings and expectations here:
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