Dow jumps 600 points as US stocks extend big rally amid upbeat earnings
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- US stocks rose at the open Tuesday and the Dow Jones Industrial Average jumped 600 points.
- Strong earnings from Goldman Sachs and Johnson & Johnson lifted markets.
- The latest rally in stocks follows big gains on Monday.
US stocks climbed Tuesday, extending gains from a day earlier, as stronger-than-expected earnings reports from Goldman Sachs and Johnson & Johnson added to the upswing.
Both the Nasdaq Composite and S&P 500 futures climbed more than 2%, with Wall Street growing increasingly bullish despite a disappointing inflation report last week.
"Big inflows in the last several weeks suggest that investors may believe that the market has bottomed," Bank of America analysts wrote in a research note on Tuesday. BofA noted that clients were keen to buy shares in tech and communication services companies, while energy also remained attractive.
Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday:
- S&P 500: 3,760.83, up 2.25%
- Dow Jones Industrial Average: 30,790.04, up 2.00% (604.22 points)
- Nasdaq Composite: 10,966.48, up 2.72%
Here's what else is happening today:
- The Biden administration is eyeing another big oil release from the Strategic Petroleum Reserve, this time amounting to 14 million barrels as gas prices once again tick up.
- UK Prime Minister Liz Truss is facing calls to resign amid growing turmoil in UK markets in a warning to other global leaders.
- Goldman Sachs beat third-quarter earnings expectations on strong trading results.
In commodities, bonds, and crypto
- West Texas Intermediate crude fell 1.37% to $84.29 per barrel. Brent crude, the international benchmark, slipped 1.10% to $90.58
- Gold rose 0.33% to $1,655.48 per ounce.
- The 10-year Treasury yield fell 3.5 basis points to 3.98%.
- Bitcoin rose about 0.09% to $19,625.05