Please ensure Javascript is enabled for purposes of website accessibility

Prime Minister of Yemen’s Houthi Government Killed in Israeli Strike

2 days ago

Texas Gov. Greg Abbott Signs Law Redrawing Congressional Maps

3 days ago

US Air Force will Offer Military Funeral Honors to Slain Capitol Rioter

3 days ago

US Republican Senator Joni Ernst Will Not Run for Re-Election, CBS News Reports

3 days ago

Wall Street Falls as Dell, Nvidia Drive Tech Losses

3 days ago

US Denies Visas to Palestinian Officials Ahead of UN General Assembly

3 days ago

Minneapolis Children Revealed Courage, Absorbed Fear During Church Shooting

3 days ago

Ford Recalls Nearly 500,000 Vehicles Over Brake Fluid Leak

4 days ago

Fresno-Bound Passenger Says Delta Attendant Slapped Him, Seeks $20M

4 days ago
Wall Street Rallies and Adds to Its Hot Start to the Week
gvw_ap_news
By Associated Press
Published 1 year ago on
April 23, 2024

U.S. stocks are rallying Tuesday and adding to their hot start to the week. (AP/Peter Morgan)

Share

Getting your Trinity Audio player ready...

NEW YORK — U.S. stocks are rallying Tuesday and adding to their hot start to the week.

The S&P 500 was up 1% in midday trading to pull further out of the hole created by a six-day losing streak. The Dow Jones Industrial Average was up 226 points, or 0.6%, as of 11 a.m. Eastern time, and the Nasdaq composite was 1.4% higher.

A report on U.S. business activity that was weaker than expected was helping to support the market. Financial markets are in an awkward phase where the hope is for the economy to stay solid enough to avoid a recession, but not so hot that it keeps upward pressure on inflation.

The preliminary report from S&P Global released Tuesday seemed to hit that sweet spot. Treasury yields eased in the bond market, and stocks added to gains immediately after its release.

Impact of Earnings Reports on Trading

A flood of earnings reports was also dictating much of trading. Danaher was one of the strongest forces lifting the S&P 500 after it reported stronger profit for the first quarter than analysts expected. It rose 7% after citing strength in its bioprocessing and molecular diagnostics businesses.

Kimberly-Clark gained 5.4% after the maker of Huggies, Kleenex and Kotex reported better-than-expected profit for the first quarter and raised its earnings forecast for the full year. General Motors revved up by 4.3% after topping forecasts thanks to sales of pickup trucks and other higher-profit vehicles. GE Aerospace climbed 5.8% after reporting stronger profit for the latest quarter than analysts expected.

They helped overshadow a 6.1% drop for Nucor after the steelmaker fell short of forecasts for both profit and revenue.

MSCI, whose investment indexes guide much of the industry, fell 12.3% after reporting weaker revenue growth than expected.

Sherwin Williams sank 4.1% after it likewise missed expectations, in part because of weaker paint sales for new homes amid the industry’s challenges with high mortgage rates.

JetBlue Airways lost 17.4% despite topping expectations for the latest quarter. Its forecasts for upcoming revenue came up short of what some analysts expected. Other airlines also weakened, including a 2.3% fall for American Airlines.

Expectations for Tesla’s First-Quarter Results

The market’s main event may be arriving after trading ends for the day. That’s when Tesla will become the first of the “Magnificent Seven” stocks that accounted for most of last year’s gains for the S&P 500 to report its first-quarter results. Expectations are high after the small handful of stocks rocketed to big gains in 2023, and they’ll need to at least match them to justify their prices.

With skeptics still calling the broad stock market too expensive, criticism would ease either if companies produce higher profits or if interest rates fall. The latter has been looking less likely.

Top officials at the Federal Reserve warned last week they may need to keep interest rates high for a while in order to ensure inflation is heading down to their 2% target. That was a big letdown for financial markets, dousing hopes that had built after the Fed signaled earlier that three interest-rate cuts may come this year.

Lower rates had appeared to be on the horizon after inflation cooled sharply last year. But a string of reports this year showing inflation has remained hotter than expected has raised worries about stalled progress.

That’s why Tuesday’s report suggesting a slowdown in growth for overall business activity across the country was so welcomed.

The yield on the 10-year Treasury fell to 4.58% to relieve the pressure on stocks broadly, particularly high-growth ones and those that pay high dividends. The 10-year yield had been at 4.64% just before the report’s release and at 4.61% late Monday.

The two-year Treasury yield, which moves more on expectations for Fed action, had a similar drop. It fell to 4.93% from 4.97% late Monday.

In stock markets abroad, indexes rose across much of Europe. They were mixed earlier in Asia. Stocks jumped 1.9% in Hong Kong but fell 0.7% in Shanghai.

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

Fresno County Garnet Fire Grows to 18,748 Acres in Sierra National Forest

DON'T MISS

US Judge Blocks Deportations of Unaccompanied Migrant Children to Guatemala

DON'T MISS

Israel Pounds Gaza City Suburbs, Netanyahu to Convene Security Cabinet

DON'T MISS

Thousands in Australia March Against Immigration, Government Condemns Rally

DON'T MISS

Trump Says He Will Order Voter ID Requirement for Every Vote

DON'T MISS

Greta Thunberg Joins Flotilla Heading for Gaza With Aid

DON'T MISS

Chicago Mayor Says Police Will Not Aid Federal Troops or Agents

DON'T MISS

Post-War Gaza Plan Sees Relocation of Population, ‘Digital Token’ for Palestinian Land: Washington Post

DON'T MISS

Labor Day Quiz: Do You Know What a Knocker-Upper Is?

DON'T MISS

Bulldogs Check All the Boxes in Runaway Win Over Georgia Southern

UP NEXT

US Judge Blocks Deportations of Unaccompanied Migrant Children to Guatemala

UP NEXT

Israel Pounds Gaza City Suburbs, Netanyahu to Convene Security Cabinet

UP NEXT

Thousands in Australia March Against Immigration, Government Condemns Rally

UP NEXT

Trump Says He Will Order Voter ID Requirement for Every Vote

UP NEXT

Greta Thunberg Joins Flotilla Heading for Gaza With Aid

UP NEXT

Chicago Mayor Says Police Will Not Aid Federal Troops or Agents

UP NEXT

Post-War Gaza Plan Sees Relocation of Population, ‘Digital Token’ for Palestinian Land: Washington Post

UP NEXT

Labor Day Quiz: Do You Know What a Knocker-Upper Is?

UP NEXT

Bulldogs Check All the Boxes in Runaway Win Over Georgia Southern

UP NEXT

Judge Blocks Pillar of Trump’s Mass Deportation Campaign

Thousands in Australia March Against Immigration, Government Condemns Rally

16 hours ago

Trump Says He Will Order Voter ID Requirement for Every Vote

16 hours ago

Greta Thunberg Joins Flotilla Heading for Gaza With Aid

16 hours ago

Chicago Mayor Says Police Will Not Aid Federal Troops or Agents

16 hours ago

Post-War Gaza Plan Sees Relocation of Population, ‘Digital Token’ for Palestinian Land: Washington Post

16 hours ago

Labor Day Quiz: Do You Know What a Knocker-Upper Is?

17 hours ago

Bulldogs Check All the Boxes in Runaway Win Over Georgia Southern

1 day ago

Judge Blocks Pillar of Trump’s Mass Deportation Campaign

2 days ago

Classic Cars Will Still Need a Smog Test in California After Lawmakers Reject Jay Leno Bill

2 days ago

Visalia Driver Arrested for DUI After Multiple Crashes and Pedestrian Injured

2 days ago

Fresno County Garnet Fire Grows to 18,748 Acres in Sierra National Forest

A lightning-sparked wildfire, the Garnet Fire, in the Sierra National Forest has burned 18,748 acres in Fresno County and remains at 8% cont...

16 hours ago

Photo: USDA - Forest Service Tanker 40 at Fresno Air Attack Base. The Fresno County Garnet Fire in the Sierra National Forest has burned 18,748 acres and is 8% contained as crews make progress on containment lines while bracing for possible thunderstorms early this week. (Sam Wu/USFS)
16 hours ago

Fresno County Garnet Fire Grows to 18,748 Acres in Sierra National Forest

U.S. flag and Judge gavel are seen in this illustration taken, August 6, 2024. (Reuters File)
16 hours ago

US Judge Blocks Deportations of Unaccompanied Migrant Children to Guatemala

Smoke rises from Gaza after an explosion, as seen from the Israeli side of the border, August 31, 2025. (Reuters/Amir Cohen)
16 hours ago

Israel Pounds Gaza City Suburbs, Netanyahu to Convene Security Cabinet

Demonstrators hold a banner during the 'March for Australia' anti-immigration rally, in Sydney, Australia, August 31, 2025. REUTERS/Hollie Adams
16 hours ago

Thousands in Australia March Against Immigration, Government Condemns Rally

President Donald Trump walks on the grounds of the Trump National Golf Club in Sterling, Virginia, U.S., August 30, 2025. (Reuters/Nathan Howard)
16 hours ago

Trump Says He Will Order Voter ID Requirement for Every Vote

Activists Yasemin Acar, Greta Thunberg and Thiago Avila attend a press conference before the departure of the Global Sumud Flotilla, a humanitarian expedition to Gaza, at the port of Barcelona, Spain August 31, 2025. (Reuters/Eva Manez)
16 hours ago

Greta Thunberg Joins Flotilla Heading for Gaza With Aid

National Guard troops wear gas masks during protests against federal immigration sweeps, in Los Angeles, California, U.S., June 12, 2025. (Reuters File)
16 hours ago

Chicago Mayor Says Police Will Not Aid Federal Troops or Agents

A view of tents sheltering Palestinians displaced by the Israeli military offensive, in Gaza City, August 23, 2025. (Reuters File)
16 hours ago

Post-War Gaza Plan Sees Relocation of Population, ‘Digital Token’ for Palestinian Land: Washington Post

Search

Help continue the work that gets you the news that matters most.

Send this to a friend