Home Markets Stocks Rise After Strong Economic Data, Earnings: Markets Wrap

Stocks Rise After Strong Economic Data, Earnings: Markets Wrap

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(Bloomberg) — Stocks rebounded from a rout sparked by inflation worries as strong data and earnings signaled the economy is growing rapidly.

The S&P 500 climbed a day after comments from Treasury Secretary Janet Yellen on rates briefly rattled markets. The Nasdaq 100 bounced back from its worst rout since March. Data showed service providers expanded at the second-fastest pace on record and a reading on prices accelerated, while private employers added the most jobs in seven months. As the earnings season rolled in, results from General Motors Co., T-Mobile US Inc. and Lyft Inc. beat estimates. Copper and lumber rallied, adding to concern over inflation.

Those worries come as companies warn that supply shortages and logistical logjams may force them to raise prices. Despite the government spending that’s been authorized in response to the pandemic, inflation is unlikely to get out of control, according to Federal Reserve Bank of Chicago President…

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