Economy | News-Opinion
CLOSING BELL: October 16th: DJIA: 13,551.78 | UP 127.55 | +0.95%
OIL: $92.09 UP 0.24, +0.26%
GOLD: $1,746.30, UP 8.70, +0.50%
GASOLINE (US Avg): $3.773, DOWN .014
Wall Street jumps on strong results; IBM, Intel off late
Caroline Valetkevitch, Reuters – U.S. stocks rallied on Tuesday, giving the S&P 500 its best two-day advance in a month as strong earnings from Johnson & Johnson and other bellwether companies raised hopes for the rest of the U.S. reporting season.
Diversified U.S. healthcare company Johnson & Johnson (JNJ.N) also increased its full-year profit outlook. Its stock rose 1.4 percent to $69.55, helping the Dow Jones industrial average register its best day since September 13, when the Federal Reserve unveiled its third round of stimulus, or quantitative easing, known as “QE3.”
Goldman Sachs (GS.N) earnings also beat expectations, its revenue more than doubled and it raised its quarterly dividend. But it earned less money from customers’ trading, and the stock lost 1 percent to $123.22.
Goldman’s results followed upbeat earnings from Citigroup Inc (C.N) in the previous session. Shares of Citigroup jumped 1.6 percent to $37.25 on Tuesday after the surprising resignation of Chief Executive Officer Vikram Pandit. An S&P financial-sector index .GSPF rose 0.7 percent.
The reports were among a flood of results from 80 S&P 500 companies as the third-quarter earnings season picks up the pace. A spate of corporate warnings heading into the period raised worries that slower growth in Europe and China may be affecting corporate America more than previously thought.
Read the full story at Reuters [here]
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.
