Wall Street rises on tech, earnings boost as recession fears ease

US service sector unexpectedly picks up in July; PayPal rises after bumping annual profit outlook; Apple gains 3.5%, Microsoft adds 2.7%; Moderna jumps on $3 bn share buyback plan

Wall Street's major indexes surged on Wednesday, with gains in big technology companies lifting the Nasdaq to near three-month highs as key readings on the services sector and new orders helped calm recession fears.
 

A fresh batch of strong results from PayPal and CVS Health Corp also boosted sentiment in a largely upbeat second quarter that has helped markets bounce back from the fallout of the Ukraine war, rising inflation and a rise in borrowing costs.
 

Apple Inc rose 3.5% and Microsoft Corp added 2.7%, helping the broader growth stocks index outperform its value counterpart.
 

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