Strong Earnings Propel Stocks Higher
April 23,2024 04:30 pm EST
Stocks ripped higher for a second day Tuesday, as a strong batch of corporate earnings assuaged concerns over higher rates.
The Dow Jones Industrials jumped 263.71 points to close Tuesday at 38,503.69.
The S&P 500 index climbed 59.95 points, or 1.2%, to 5,070.55.
The NASDAQ Composite popped 245.34 points, or 1.6%, to 15,696.64.
Spotify surged 11% after surpassing Wall Street's first-quarter estimates and issuing rosy second-quarter guidance. UPS shares edged 2.1% higher after the delivery giant posted better-than-expected quarterly earnings. PepsiCo, meanwhile, dipped 2.6% despite reporting better-than-expected earnings. Shares of GE Aerospace added roughly 7% after the company reported an earnings beat.
Tesla is slated to report earnings after the bell, followed by Meta Platforms on Wednesday afternoon. Google parent company Alphabet and Microsoft round out the technology-heavy earnings week on Thursday.
Roughly 20% of the S&P 500 has reported earnings through Tuesday. Of those companies, 76% have beaten analysts' expectations,
Prices for the 10-year Treasury inched higher, lowering yields to 4.60% from Monday's 4.62%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.43 to $83.33 U.S. a barrel.
Gold prices dulled $10.50 to $2,335.90 U.S. an ounce.
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