WALL Street stocks rose for a second straight session on Tuesday, building on the prior day’s positive momentum following a round of mostly good corporate earnings.
General Electric, Spotify Technology and Kimberly-Clark were among the companies winning strong gains after quarterly reports.
Briefing.com described the broad gains as “follow-through buying” after a rough period that generated talk that the market was “oversold” on a short-term basis.
The Dow Jones Industrial Average finished up 0.7 per cent at 38,503.69.
The broad-based S&P 500 advanced 1.2 per cent to 5,070.55, while the tech-rich Nasdaq Composite Index jumped 1.6 per cent to 15,696.64.
After last week’s losses, US stocks began the week on a solid note, advancing amid relief that there was no escalation in tensions between Iran and Israel over the weekend.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Among individual companies, General Motors shot up 4.4 per cent as it lifted its full-year forecast following better than expected quarterly earnings. The automaker continued to point to solid pricing in the United States, which helped offset weakness in China.
GE Aerospace gained 8.3 per cent after lifting its projections after reporting an uptick in orders and operating profit.
But JetBlue sank 18.9 per cent as it projected lower revenues in the second quarter, noting that there is “significant elevated capacity” in the company’s Latin region, pressuring results. AFP
