US close: Stocks end higher after batch of corporate earnings
US stocks closed in positive territory on Tuesday, with the S&P 500 and Nasdaq reaching record highs as traders waded through a raft of corporate earnings.
The S&P 500 rose 0.7% to 2,280.07 points, the Nasdaq gained 0.9% to 5,600.96 points and the Dow Jones Industrial Average advanced 0.6% to 19,912.71 points.
Oil prices rose with West Texas Intermediate up 0.67% to $53.11 per barrel and Brent crude up 0.23% to $55.36 per barrel.
In currency markets, the dollar recovered from heavy losses in the wake of President Donald Trump’s protectionist inauguration speech.
The greenback rose 0.18% against the pound, 0.29% versus the euro and 0.97% versus the yen.
Trump on Tuesday met with the bosses of the largest automobile manufacturers in the US, including Mary Barra of General Motors, Mark Fields of Ford and Sergio Marchionne of Fiat Chrysler. The new President told the chief executives that environmental regulations are "out of control" and vowed to make it easier for the companies to open assembly plants in the US.
Shares in Ford, GM Motors and Fiat Chrysler nudged higher following the news.
Meanwhile, investors were sifting through a slate of earnings.
Alibaba rallied after the Chinese online retail giant reported a 54% rise in revenue, largely due to Singles Day.
Alcoa advanced after the company reported fourth quarter adjusted per-share earnings that missed analysts’ expectations.
Johnson & Johnson was sitting lower after its fourth quarter earnings beat expectations but revenue missed forecasts.
Verizon Communications declined after its fourth quarter earnings came below expectations
DR Horton’s shares climbed after the housebuilder’s first quarter profit beat expectations due to higher home sales.
DuPont was on the front foot after its fourth-quarter earnings beat expectations
3M, the maker of Scotch tape, slipped despite saying that fourth quarter revenue rose 11.3%
In economic data, Markit’s US manufacturing purchasing managers’ index rose to 55.1 in January from 54.3 in December, exceeding forecasts of 54.5. A reading above 50 signals an expansion in sector activity.
Existing home sales in the US fell more than expected as the supply of houses on the market dropped. The National Association of Realtors said existing home sales fell 2.8% to a seasonally adjusted annual rate of 5.49m units, falling shy of analysts’ estimates of 5.50m.
November sales were revised up to 5.65m units from the previously reported 5.61m units.
Dow Jones - Risers
E.I. du Pont de Nemours and Co. (DD) $76.04 4.49%
International Business Machines Corp. (IBM) $175.90 2.85%
Intel Corp. (INTC) $37.62 2.31%
American Express Co. (AXP) $77.43 1.92%
Caterpillar Inc. (CAT) $96.24 1.88%
Boeing Co. (BA) $160.55 1.72%
Visa Inc. (V) $83.23 1.31%
JP Morgan Chase & Co. (JPM) $84.72 1.21%
United Technologies Corp. (UTX) $111.61 1.15%
Coca-Cola Co. (KO) $41.88 1.13%
Dow Jones - Fallers
Verizon Communications Inc. (VZ) $50.12 -4.37%
Johnson & Johnson (JNJ) $111.76 -1.89%
3M Co. (MMM) $175.99 -1.42%
Travelers Company Inc. (TRV) $116.84 -1.02%
Pfizer Inc. (PFE) $31.15 -0.99%
Merck & Co. Inc. (MRK) $61.22 -0.97%
McDonald's Corp. (MCD) $121.05 -0.27%
Apple Inc. (AAPL) $119.97 -0.09%
Home Depot Inc. (HD) $138.06 -0.01%
Exxon Mobil Corp. (XOM) $85.09 0.14%
S&P 500 - Risers
Freeport-McMoRan Inc (FCX) $17.02 8.27%
Quanta Services Inc. (PWR) $37.44 7.59%
D. R. Horton Inc. (DHI) $30.64 6.61%
Mosaic Company (MOS) $33.46 6.02%
Lennar Corp. Class A (LEN) $46.36 5.99%
PulteGroup Inc. (PHM) $20.33 5.88%
Corning Inc. (GLW) $26.18 5.69%
Jacobs Engineering Group Inc. (JEC) $60.12 5.25%
Western Digital Corp. (WDC) $76.01 4.62%
CF Industries Holdings Inc. (CF) $36.85 4.54%
S&P 500 - Fallers
Verizon Communications Inc. (VZ) $50.12 -4.37%
First Solar Inc. (FSLR) $32.53 -3.36%
Endo International Plc (ENDP) $11.85 -2.63%
Humana Inc. (HUM) $199.90 -2.48%
Waters Corp. (WAT) $142.15 -2.15%
Perrigo Company plc (PRGO) $71.92 -2.12%
Bristol-Myers Squibb (BMY) $48.96 -2.08%
Frontier Communications Co. (FTR) $3.47 -1.98%
Eli Lilly and Company (LLY) $74.85 -1.93%
Essex Prty Trust Inc. (ESS) $226.67 -1.90%
Nasdaq 100 - Risers
Western Digital Corp. (WDC) $76.01 4.62%
Micron Technology Inc. (MU) $22.85 4.39%
Yahoo! Inc. (YHOO) $43.90 3.54%
Broadcom Limited (AVGO) $197.75 3.53%
Mattel Inc. (MAT) $31.19 3.14%
Seagate Technology Plc (STX) $37.44 2.94%
Adobe Systems Inc. (ADBE) $113.72 2.48%
NetEase Inc. Ads (NTES) $254.45 2.36%
Skyworks Solutions Inc. (SWKS) $92.27 2.33%
Intel Corp. (INTC) $37.62 2.31%
Nasdaq 100 - Fallers
Vodafone Group Plc ADS (VOD) $25.45 -1.85%
Regeneron Pharmaceuticals Inc. (REGN) $347.96 -1.81%
Alexion Pharmaceuticals Inc. (ALXN) $129.87 -1.23%
eBay Inc. (EBAY) $29.99 -0.93%
Biogen Inc (BIIB) $273.82 -0.80%
Sba Communications Corp. (SBAC) $104.10 -0.71%
Gilead Sciences Inc. (GILD) $70.25 -0.62%
Mylan Inc. (MYL) $35.81 -0.61%
Amgen Inc. (AMGN) $151.85 -0.57%
Walgreens Boots Alliance, Inc. (WBA) $81.23 -0.39%