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Wall Street hits high on robust corporate earnings

US stocks chalked up their best day in nearly two months yesterday as investors welcomed a string of robust earnings reports, while Greece appeared close to a bailout deal, easing fears about a wider sovereign debt crisis.

News that Greece was readying severe austerity measures to secure a multibillion euro aid package spurred widespread relief, and the more beaten-down sectors, like banks, recouped recent losses for a second day running.

Continuing the generally favorable earnings season, cellphone maker Motorola beat forecasts and its stock gained 3.5 per cent to $7.16 Visa, reported higher-than-expected profits and raised its revenue outlook, spurring hopes of a revival in consumer spending.

The Dow Jones industrial average gained 122.05 points, or 1.10 per cent, to 11,167.32. The Standard & Poor’s 500 Index rose 15.42 points, or 1.29 per cent, to 1,206.78.

The Nasdaq Composite Index added 40.19 points, or 1.63 per cent, to 2,511.92.