Stocks rallied today on strong company earnings performance. Utilities and communication services led the way, while the consumer discretionary sector lagged.

The U.S. 10-year yield is again above 1.6 percent in a sign that investors are pricing in strong economic growth and chances of a Federal Reserve rate hike.

The price of crude oil was up $0.60 at $82.29 and the spot price of gold was up $4.5 to $1,770.20.

International indexes in Europe and Asia were higher, and the dollar was weaker against a basket of currencies.

Proctor & Gamble as well as Johnson & Johnson both posted better-than-expected profits, even as Proctor & Gamble has increased prices to cover rising commodity and shipping costs.

Proctor & Gamble also warned of possible future price increases, as inflation remains elevated.

Travelers, an insurance provider, also topped estimates today, while Netflix and United Airlines are expected to release results after the bell.

After a downgrade in forecast U.S. economic growth, the International Monetary Fund has added Asia to a list of regions suffering from power outages, shortages and manufacturing bottlenecks.

The International Monetary Fund downgraded its forecast for gross domestic product growth in 2022 from 7.6 percent to 6.5 percent.

Although the downgrade is significant, Asia will remain the fastest-growing region in the world in 2022.

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