U.S. stocks climbed on Tuesday as major companies continued to report strong third-quarter earnings, easing concerns that persistent COVID cases and rising costs would derail corporate America’s profit recovery.
The Dow Jones Industrials vaulted 198.70 points to 35,457.31.
The S&P 500 gained 33.17 points to 4,519.63, rising for a fifth straight day.
The NASDAQ Composite spiked 107.28 points to 15,129.09.
Dow member Travelers saw its shares gain more than 1.6% after the insurance company’s quarterly earnings report topped expectations.
Procter & Gamble continued the bullish trend with better-than-expected earnings, but its shares dipped nearly 1.2%. The consumer products giant said it is raising prices to cover rising commodity and freight costs and warned that inflation may continue.
Elsewhere, Walmart shares gained 2.1% after Goldman Sachs added the big-box retailer to its conviction buy list, saying the stock could rally nearly 40%.
As of Tuesday morning, 82% of S&P 500 companies that have reported earnings beat expectations, according to FactSet. Taking into account those reports and estimates for those to come, third-quarter profit growth will come in at 30%
Other major reports after the bell Tuesday include Netflix and United Airlines.
Prices for 10-year Treasurys faded, raising yields to 1.64% from Monday’s 1.59%. Treasury prices and yields move in opposite directions.
Oil prices regained 41 cents to $82.85 U.S. a barrel.
Gold prices regrouped $4.30 to $1,770.00U.S. an ounce.