[NYP] Wall Street had one of its best days in weeks Tuesday as the Dow jumped more than 700 points and investors pored over how much profit companies made during the spring.The Dow Jones Industrial Average rallied 754.44 points, or 2.4%, to 31,827.05, and the Nasdaq composite climbed 353 points, or 3.1% higher. The S&P 500 was 2.8% higher, a day after an early 1% gain gave way to a loss.
Stocks have dropped roughly 20% so far this year on worries about rising interest rates and high inflation, which puts an even brighter spotlight than usual on how much profit companies are making. If earnings hold up, it would provide a major support for markets. But if CEOs warn about troubles ahead, another tumble may be on the way.
More types of companies are reporting how much they earned during the spring, broadening out from the banks that dominated the earliest part of the reporting season.
Toy company Hasbro jumped 2.9% after it reported stronger profit than analysts expected. Oilfield services provider Halliburton rose 0.9% after its profit and revenue topped forecasts. Health care giant Johnson & Johnson added 0.6% after it likewise beat expectations.