Markets Right Now: Strong company earnings power stock gains
U.S. stocks march higher after strong earnings from a number of big companies put investors in a buying mood
The latest on developments in financial markets (All times local):
4:00 p.m.
Stocks are closing higher on Wall Street after several big companies reported solid earnings.
The gains Tuesday were enough to send the Nasdaq composite index above 6,000 points for the first time.
Materials and energy companies rose more than the rest of the market.
Caterpillar rose 7.9 percent and McDonald’s jumped 5.6 percent, while biotech drug maker Biogen rose 3.6 percent.
The Standard & Poor’s 500 rose 14 points, or 0.6 percent, to 2,388.
The Dow Jones industrials gained 232 points, or 1.1 percent, to 20,996. The Nasdaq increased 41 points, or 0.7 percent, to 6,025.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.33 percent.
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11:45 a.m.
Stocks are moving higher on Wall Street after Caterpillar, McDonald’s and other big companies reported solid earnings.
Caterpillar jumped 6.9 percent in midday trading Tuesday, while McDonald’s rose 5 percent.
Biotech drug maker Biogen leapt 4.3 percent after its own results also came in ahead of forecasts.
The Standard & Poor’s 500 rose 14 points, or 0.6 percent, to 2,388.
The Dow Jones industrials gained 242 points, or 1.2 percent, to 21,006. The Nasdaq composite climbed 40 points, or 0.7 percent, to 6,024, its first move above 6,000 points.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.31 percent.
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9:35 a.m.
Solid earnings reports and outlooks from several big companies sent U.S. stocks higher in morning trading.
Heavy equipment maker Caterpillar jumped 6.4 percent early Tuesday after reporting earnings that beat forecasts and raising its outlook for the year.
Biotech drug maker Biogen leapt 4.4 percent after its own results also came in ahead of forecasts.
The Standard & Poor’s 500 rose 9 points, or 0.4 percent, to 2,383.
The Dow Jones industrials gained 183 points, or 0.9 percent, to 20,946. The Nasdaq composite climbed 22 points, or 0.4 percent, to 6,006, its first move above 6,000 points.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.31 percent.
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