U.S. stocks rise amid tech rally

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NEW YORK, July 20 (Xinhua) — U.S. stocks advanced on Wednesday, underpinned by solid gains in tech names.

The Dow Jones Industrial Average rose 47.79 points, or 0.15 percent, to 31,874.84. The S&P 500 increased 23.21 points, or 0.59 percent, to 3,959.90. The Nasdaq Composite Index rallied 184.50 points, or 1.58 percent, to 11,897.65.

Seven of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and technology up 1.76 percent and 1.56 percent, respectively, outpacing the rest. Utilities slipped 1.36 percent, the worst-performing group.

Shares of Netflix jumped nearly 7.4 percent after the streaming giant reported stronger-than-expected earnings and better-than-expected subscriber loss.

Shares of other tech behemoths, such as Apple, Amazon, Meta Platforms and Microsoft, all climbed.

Electric vehicle maker Tesla reported results after Wednesday’s market close with its second-quarter earnings beat estimates.

About 12 percent of S&P 500 index companies have reported earnings so far and of those, 68 percent have beaten analyst expectations, according to data provider FactSet.