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US stocks rally after strong earnings

US stocks rally after strong earningsNEW YORK: Wall Street stocks jumped in early trading on Tuesday following a batch of mostly good earnings that helped investors look past recent stock market weakness.

About 20 minutes into trading, the Dow Jones Industrial Average was at 25,438.32, up 0.7 percent.

The broad-based S&P also gained 0.7 percent to 2,769.50, while the tech-rich Nasdaq Composite Index jumped 1.0 percent to 7,501.23.

Shares of leading companies rose following earnings reports and positive commentary about economic conditions.

United Health rose 3.1 percent, Morgan Stanley 2.8 percent, Johnson & Johnson 2.5 percent and Goldman Sachs 0.9 percent.

The gains helped the market shift focus after worries about high interest rates and trade war fallout prompted a bruising two-day rout last week that hung over stocks on Monday, when equities again fell.

Lingering concerns “aren’t going to vanish overnight, yet encouraging earnings guidance can go a long way toward dulling the stock market’s bearish senses for the time being and instilling some upside momentum again in growth stocks,” analyst Patrick O’Hare wrote at Briefing.com.

Copyright AFP (Agence France-Press), 2018
 


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