Dow surges more than 500 points on positive earnings
Nuveen Asset Management Equity Strategist Bob Doll on the state of the markets.
Stocks rallied Tuesday, with a positive stream of earnings driving investors’ sentiment, along with a record 7.1 million job openings as released by the Bureau of Labor Statistics.
The Dow Jones Industrial Average rallied 547.87 points, or 2.17 percent, to 25,798.42. The broader S&P 500 rose 59.13 points to 2,809.92, as all 11 sectors jumped led by technology names. The Nasdaq Composite climbed 214.75 points, about 2.9 percent, to 7,645.49.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 42052.19 | +288.73 | +0.69% |
| SP500 | S&P 500 | 5728.8 | +23.35 | +0.41% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18239.917355 | +144.77 | +0.80% |
Quarterly results released Tuesday included Goldman Sachs, UnitedHealth and Johnson & Johnson, which all surpassed expectations. BlackRock reported better-than-expected profits, but sales were hit as investors cut their portfolio risk. With Tuesday's Dow jump, the benchmark of 30 stocks has recouped all of the losses from last week's volatility in which the benchmark lost 831 points during one session.
A big focus for the markets will be Netflix earnings in the afternoon, along with IBM.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NFLX | NETFLIX INC. | 756.10 | +0.07 | +0.01% |
| IBM | INTERNATIONAL BUSINESS MACHINES CORP. | 208.25 | +1.61 | +0.78% |
| QQQ | INVESCO QQQ TRUST - USD DIS | 487.43 | +3.58 | +0.74% |
In commodities, gold closed slightly higher while oil also climbed amid concerns over Saudi Arabia's role in the missing writer Jamal Khashoggi, who is presumed dead.
Fox Business' Ken Martin contributed to this report