June 13, 2024

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Upbeat Earnings News Contributing To Strength On Wall Street

2 min read

Stocks have moved mostly higher during trading on Tuesday, with the major averages all moving to the upside following the mixed performance seen in the previous session. The Dow and the S&P 500 are bouncing off their lowest closing levels in over four months.

Currently, the major averages are just off their highs of the session. The Dow is up 293.88 points or 0.9 percent at 33,230.29, the Nasdaq is up 122.37 points or 0.9 percent at 13,140.70 and the S&P 500 is up 34.96 points or 0.8 percent at 4,252.00.

The strength on Wall Street partly reflects a positive reaction to the latest batch of earnings news, as a number of big-name companies reported better than expected quarterly results.

Shares of General Electric (GE) are moving sharply higher after the conglomerate reported third quarter results that exceeded analyst estimates and raised its full-year guidance.

Diversified manufacturer 3M Co. (MMM) is also seeing notable strength after reporting better than expected third quarter results and boosting its full-year profit forecast.

Shares of Coca-Cola (KO) have also moved to the upside after the beverage giant reported third quarter results that beat expectations and raised its full-year forecast.

Meanwhile, tech giants Alphabet (GOOGL) and Microsoft (MSFT) are among the companies due to report their quarterly results after the close of trading.

Sector News

Computer hardware stocks are turning in some of the best performances on the day, with the NYSE Arca Computer Hardware Index surging by 3.1 percent after ending the previous session at its lowest closing level in almost five months.

Computer peripherals maker Logitech (LOGI) is leading the sector higher after reporting better than expected fiscal second quarter results and raising its full-year guidance.

Substantial strength is also visible among steel stocks, as reflected by the 2.8 percent jump by the NYSE Arca Steel Index. The index is bouncing off a four-month closing low.

Telecom stocks are also seeing considerable…

2023-10-24 11:11:11

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