US stocks closed higher Tuesday after paring gains in a volatile trading session.
Strong earnings reports from Goldman Sachs and Johnson & Johnson helped fuel early bullishness.
Earnings season will continue Wednesday, highlighted by Tesla’s quarterly report.
US stocks ended higher Tuesday after the major indexes gave up steep early gains in a volatile trading session.
The Dow opened more than 600 points higher then closed with about half that, while the Nasdaq started 2.7% higher and finished up less than 1%. Still, the rally added to a hefty advance on Monday.
Strong earnings reports from Goldman Sachs and Johnson & Johnson helped boost investor confidence despite worries of more rate hikes from the central bank to combat inflation.
Meanwhile, earnings season will continue after the close, when Netflix will report. And late Wednesday, Tesla will post third-quarter earnings.
Here’s where US indexes stood at the 4:30 p.m. closing bell on Tuesday:
S&P 500: 3,720.00, up 1.14%Dow Jones Industrial Average: 30,523.80, up 1.12% (337.98 points)Nasdaq Composite: 10,772.40, up 0.90%
Here’s what else is happening today:
JPMorgan’s chief global market strategist recommended limiting exposure to stocks given potential policy mistakes from the Fed’s aggressive tightening. The UAE said OPEC’s decision to slash its oil output quota earlier this month was not politically driven. The bear market rally will soon come to an end as cash supply tightens, according to economist David Rosenberg.
In commodities, bonds, and crypto
West Texas Intermediate crude fell further, dropping 2.94% to $82.93 per barrel. Brent crude, the international benchmark, slipped 1.60% to $90.14Gold ticked up slightly, gaining 0.02% to $1,650.28 an ounce. The 10-year Treasury yield fell 1.7 basis points to 3.998%. Bitcoin fell 1.28% to $19,158.68