Bank results boost Wall Street as IBM's collapse limits Dow Jones gains

Wall Street indices, including the S&P 500 and Nasdaq, closed higher, supported by declining inflation in the United States and strong earnings results from major banks, despite a drop in IBM's stock which warned that its revenues would fall short of expectations, thus limiting gains in the Dow Jones Industrial Average. Data also showed a slowdown in the Consumer Price Index in June, and market expectations increased that the Federal Reserve will not raise interest rates in July, although there continue to be forecasts of a possible hike before the end of the year.

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