Tue, May 7, 2024 10:39 AM
Stock market today: US stocks climb on solid earnings and rate cut hopes
A Flip by Riya Sharma
The last 15 months have been a fantastic time to own stocks. The last 15 years, if we're really being honest. In this most recent run, an artificial intelligence (AI) boom and soaring profits for technology companies have helped the stock market indexes break through to new highs multiple times in 2024.Investors also appear excited to once again place bets on money-losing start-ups.
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Amazon (NASDAQ: AMZN) had a rough 2022 as rising inflation weighed on earnings, so last year the company revamped its cost structure to turn things around. And now this year, the market giant is showing investors they still can count on it for major growth. In the latest earnings report, sales increased in the double digits, and net income more than tripled.
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State-owned Bank of Maharashtra recorded the highest growth rate last fiscal in terms of total business and deposit mobilisation among public sector lenders at a time when most banks are facing difficulty in achieving double-digit growth.The Pune-headquartered lender has registered a 15.94 per cent rise in the total business (domestic) in FY24, followed by the country’s largest lender State Bank.
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