Finance
Stock market news: Dow jumps more than 350 points
- Stocks jumped Tuesday as strong earnings and economic data
lifted spirits on Wall Street. -
The three major US indices had shed about 4% during a
sell-off last week. -
Watch US stocks trade in real
time here.
Stocks rose sharply Tuesday as strong earnings reports helped
lift spirits on Wall Street after one of the worst sell-offs in
eight months.
The Dow Jones industrial average rallied as much as 1.5%, 0r more
than 350 points, after ending lower four out of the five previous
sessions. The Nasdaq Composite jumped nearly 2%, and the S&P
500 was up 1.5%.
Bank and healthcare companies led the way higher after posting
better-than-expected financial reports for the third quarter.
Boosted by investment banking revenue,
Morgan Stanley and
Goldman Sachs easily topped analyst forecasts. Johnson &
Johnson also beat, helped by a jump in prescription sales.
Netflix
is expected to report after the bell.
Investors dumped relatively safe US government bonds, with yields
on the 10- and 2-year notes edging higher.
“With both Treasuries and equities beginning to settle in
to their new respective trading ranges, investors have been able
to refocus their attention on earnings and other economic
indicators,” said Scott Buchta, head of fixed-income strategy at
Brean Capital.
Earlier Tuesday, the Labor Department said US employers
posted the most jobs in nearly two decades in August.
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