Rebounds in the stock market: the strong earnings of Dow companies drive
Rebounds in the stock market: the strong earnings of Dow companies drive
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Jennifer Jolly, Special for USA TODAYProfits to the rescue.
A solid batch of quarterly earnings reports from a trio of stocks in the Dow Jones industrial average triggered a market recovery on Wall Street on Tuesday.
Better-than-expected third-quarter results from health services and financial services business companies eased fears of an economic slowdown as interest rates rose.
The Dow closed up 548 points, or 2.2 percent, at 25,798. That increase, the seventh largest daily point increase in the history of the blue mark and its best day since the end of March, helped it recover a small part of its fall of almost 1,600 points after the declines in six of the eight previous negotiation sessions.
Third-quarter results from drug maker Johnson & Johnson, health insurer UnitedHealth Group and Wall Street bank Goldman Sachs raised share prices overall on Tuesday.
Good news on earnings, along with optimistic data on the confidence of homebuilders, job vacancies and the nation's industrial sector, reinforced the optimists' belief that the economy remains strong in the face of rising costs of loans and the consequences of trade tensions between the US UU And China.
"I think solid earnings will stabilize the market," says Nick Sargen, an investment adviser at Fort Washington in Cincinnati.
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While it is still early in the earnings reporting season, earnings for all companies in the Standard & Poor's 500 stock index are expected to grow by almost 22 percent, which makes profits run their course in a third. consecutive quarter of 20 percent more growth, according to earnings. refinitiv tracker
After a 2.2 percent gain on Tuesday, the broad stock market, measured by Standard & Poor's 500, was 4.1 percent below its all-time high of September.
Looking ahead, Sargen believes the recent weakness of the stock market is a short-term price adjustment, not the beginning of a severe slowdown that could lead to a bear market, or a 20 percent drop from the all-time high. of last month.
"What happened this month is a correction, not a bear market," says Sargen. "That said, it can be a preview of the next attractions for next year."
Read or share this story: https://www.usatoday.com/story/money/2018/10/16/strong-earnings-dow-stock-market-up/1657345002/
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