US stocks rise amid earnings, corporate news
New York: US stocks climbed as Wall Street digested a slew of quarterly results and corporate news.
The Dow Jones Industrial Average on Tuesday gained 67.89 points, or 0.26 per cent, to 26,452.66. The S&P 500 increased 1.48 points, or 0.05 per cent, to 2,907.06, Xinhua reported.
The Nasdaq Composite Index rose 24.21 points, or 0.30 per cent, to 8,000.23.
Of the 11 primary S&P 500 sectors, financials and energy rallied while real estate and health care underperformed.
Shares of Johnson & Johnson rose 1.1 per cent at the close, contributing to the Dow. The company reported first-quarter results early Tuesday with its adjusted earnings of $2.10 per share, above the $2.03 per share expected by analysts surveyed by Refinitiv.
UnitedHealth Group also reported on Tuesday with both earnings and revenue beating estimates. Meanwhile, the US health care company raised its earnings guidance for the full year. The stock surged as more as 3.5 per cent in morning session, but closed at 4.01 per cent lower.
Qualcomm shares surged more than 23 per cent after reports said that the US chipmaker has reached an agreement with tech giant Apple to dismiss all litigation between the two companies worldwide.
The corporate earnings season has kicked into full gear, with IBM and Netflix among others to report after Tuesday’s close.
Of the S&P 500 companies that have reported so far, most have topped analyst earnings expectations.