Stocks higher ahead of Facebook, Apple earnings
Stocks were higher Tuesday following Monday’s losses as investors digested the latest economic data and corporate earnings reports.
It was a big day for earnings, with two Dow members – Pfizer and Coke – reporting ahead of the opening bell. GE also posted results in the morning.
The Dow Jones Industrial Average rallied 431.72 points, or about 1.8 percent, to 28,874.64. The S&P 500 jumped 41.38 points, or 1.5 percent, to 2,682.63. The Nasdaq Composite was up 111.36 points, or 1.6 percent, to 7,161.65.
General Electric reported third-quarter profit and revenue that fell short of analyst estimates. The company also slashed its dividend to $0.01 per share from $0.12 per share. Shares fell more than 8 percent in response.
Coca-Cola shares rose 2.5 percent after the snack and drink maker beat earnings estimates.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43444.99 | -305.87 | -0.70% |
| SP500 | S&P 500 | 5870.62 | -78.55 | -1.32% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18680.120875 | -427.53 | -2.24% |
The big name after the bell was Facebook, which reported higher earnings than expected but missed slightly on revenue.
Apple, which introduced new products on Tuesday, is scheduled to report earnings on Thursday.
Traders also digested the latest Case-Shiller report on home prices, which showed prices experienced their slowest annual growth in August since December 2016. This was just the latest piece of data supporting a slowing housing market as rising rates and climbing prices are starting to dent demand.
Other economic data included a reading on consumer confidence, which came in at 137.9 in October, surpassing expectations for 136.
Bloomberg reported that the Trump administration is preparing to announce new tariffs on all remaining Chinese imports if talks between President Trump and Chinese President Xi Jinping next month fail to ease an ongoing trade dispute.
FOX Business’ Ken Martin contributed to this article.