S&P 500 Rises as Strong Earnings Spark Rally
2022.10.18 14:19
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S&P 500 Rises as Strong Earnings Spark Rally
Budrigannews.com- The S&P 500 rallied Tuesday, as better-than-expected quarterly results continued to support sentiment on stocks for the second-straight day.
The rose 1.4%, the gained 1.4% or 411 points, and the was up 1.3%.
Industrials led the broader-market climb after upbeat quarterly results from Lockheed Martin sparked a rally in other defense companies.
Lockheed Martin (NYSE:) rallied more than 9% after its topped Wall Street estimates and the defense contractor boosted stock buyback plans.
Northrop Grumman (NYSE:), L3Harris Technologies (NYSE:), and Huntington Ingalls Industries (NYSE:) were more than 4% higher.
Goldman Sachs (NYSE:), meanwhile, climbed more than 2% after reporting blowout , underpinned by strong performance in its fixed-income trading division.
The Wall Street bank also confirmed plans to reorganize its business into three segments: asset and wealth management, global banking and markets, and platform solutions.
Hasbro (NASDAQ:), however, fell 2% after the toymaker reported third-quarter that fell short of estimates as bloated inventory and softer consumer demand weighed on performance.
Tech stocks continued to advance for the second day in a row, led by a 2% rise in Apple (NASDAQ:) after the tech giant launched new products including an Apple TV 4K and iPad Pro.
Salesforce (NYSE:) rose 5% on reports that the activist investor Starboard Value took “significant” stake in the software maker.
Netflix (NASDAQ:) fell 1.1% ahead of its quarterly results due after the market closes,
Energy stocks were up more than 1% even as stumbled amid ongoing concerns about demand just as the U.S. is expected to ramp up the release of emergency oil supplies.
Marathon Petroleum (NYSE:), Valero Energy (NYSE:), and EOG Resources (NYSE:) were up more than 2%.
“Biden is expected this week to announce the release of the remaining 14 million barrels of the 180 million barrels that have been earmarked so far,” Commerzbank said in a note.
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