Apr 24, 2024 (MENAFN via COMTEX) --
(MENAFN - Baystreet) Stocks Progress as Earnings Pour In
Stocks Progress as Earnings Pour In
Futures Higher as Earnings Season Ramps Up
S&P Ends 6-Day Skid
S&P Tries to Snap 6-Day Skid Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Tuesday, April 23, 2024
Strong Earnings Propel Stocks Higher Advertisment
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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