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Wall St Extends Rally on Strong Earnings, Economic Optimism

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NEW YORK Reuters Wall Street advanced on Wednesday for the second straight day, as strong corporate earnings and renewed optimism about the U.S. economic recovery stoked investor risk appetite.

All three major U.S. stock indexes appeared set to build on the previous sessions gains, which delivered the SP 500s best day since March.

With Wednesdays advance, all three are within 1 of their alltime closing highs.

Economically sensitive smallcaps, semiconductors and financials outperformed the broader market.

Earnings have been coming in with some nice surprises and the market has responded well to the pullback last week, said Matthew Keator, managing partner at the Keator Group, a wealth management firm in Lenox, Massachusetts.

A rebound in travel helped fuel United Airlines revenue beat, boosting its stock by 3.2.

The SP 1500 Airlines index gained 2.9, while the SP 1500 Hotels, Restaurant and Leisure index advanced 3.0.

The travel and tourism trade is heavily affected by pentup demand, people wanting to be out and about and doing things, Keator added. It will be interesting to see if that starts to wane.

Benchmark U.S. Treasury yields continued their bounce from fivemonth lows to the benefit of ratesensitive banks. The SP 500 Banking index gained 2.4.

Wrangling in Washington over the passage of a bipartisan 1.2 trillion infrastructure package progressed as Senate Democrats moved toward a planned procedural vote despite Republican appeals for a delay.

The Dow…

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