U.S. stock-indexes mostly gained Tuesday afternoon, with investors turning to beaten-down energy and financial stocks, as investors waded through a slate of corporate earnings reports, which included quarterly results from Coca-Cola, Lockheed Martin.
Market sentiment was upbeat after positive results from International Business Machines late-Monday and after the European Union forged a historic fiscal package, intended to dampen the economic impact of the effects of the COVID-19 pandemic.
How are benchmarks performing?
The Dow Jones Industrial Average
DJIA,
were up 290 points, or 1.1%, at 26,967, , hitting an intrasession peak at 27,025.38, powered by Chevron Corp.
CVX,
and Boeing Co.
BA,
The S&P 500 index
SPX,
was gaining 14 points, or 0.4%, at 3,266, with the energy sector
SP500.10,
rising 6.4% and the financial sector
SP500.10,
up 2.2%, leading the broad-market benchmark’s 11 sectors.
Meanwhile, the Nasdaq Composite Index
COMP,
was bouncing around, and off 24 points, or 0.2%, at 10,742, at last check, after briefly touching an intraday record at 10,839.93 near Tuesday’s open.
On Monday, the Dow added 8.92 points, or less than 0.1%, to finish at 26,680.87. The S&P 500
SPX,
rose 27.11 points, or 0.8%, to end at 3,251.84. and ending the session positive for 2020. The Nasdaq Composite surged 263.90 points, or 2.5%, to end at a record 10,767.09, booking its largest daily percent gain since April 29, according to Dow Jones Market Data. Monday’s all-time closing peak for the Nasdaq also represented its 28th of 2020.
What’s driving the market?
Investors looked eager to spread the love to other parts of the market after the technology-laden Nasdaq Composite delivered its 28th record close of 2020 on Monday, with buyers scooping up shares in areas of the market, including banks and oil-and-gas producers, which have been battered amid this public-health crisis.
Tuesday’s gains were helping to lift the S&P 500 and the Nasdaq from out of a range that it has been trading since early June, experts said.
“The S&P 500 is breaking out of trading range,” said Crista Huff, founder of hedge fund Freedom Investment Partners, told MarketWatch.
“We are beginning a bull run. Clearly we have some massive problems in the economy and there are so many people that are unemployed and 10 or 20 million aren’t going to have an easy time finding a new job,” she noted.
Thus far, investors have been responding to quarterly results and guidance that have so far been better-than-feared despite the impact of the coronavirus pandemic.
Setting the…
Read More:Dow up nearly 300 points as Coca-Cola delivers upbeat results but
