The Dow Jones Industrials skyrocketed 377.24 points, or 1.2%, to 31,449.85.
The S&P 500 spiked 49.24 points, or 1.3%, to 3,880.09.
The NASDAQ Composite leaped 127.81 points, or 1.1%, to 11,487.86.
Investors continued to assess second-quarter reports from major companies this week for clues on how businesses will handle economic pressures — including greater inflation and a stronger dollar — as recession fears persist.
Johnson & Johnson shares ticked higher after the company reported better-than-expected quarterly earnings and revenue, although the pharmaceutical giant also cut its full-year revenue and profit guidance.
Hasbro’s revenue for the previous quarter came in a tad below expectations, while the toymaker’s earnings per share beat a Refinitiv forecast.
IBM shares fell more than 5%, after the tech company lowered its forecast for cash flow, even while reporting earnings that beat Wall Street’s earnings and revenue estimates.
Shares of Halliburton rose slightly on the back of sharply rising oil prices this year that boosted profits for the company in its most recent quarter.
Netflix is set to report after the close Tuesday. Later in the week, Tesla, United Airlines, American Airlines, Snap, Twitter and Verizon are among those scheduled to report.
So far, roughly 9% of S&P 500 companies have reported calendar second-quarter earnings. Of those companies, about two-thirds have beaten analyst expectations
Treasury prices fell backward, raising yields to 3% from Monday’s 2.997%. Treasury prices and yields move in opposite directions.
Oil prices dipped $1.15 to $101.45 U.S. a barrel.
Gold prices forged ahead 40 cents to $1,710.60 U.S. an ounce.
Stocks Triumph on Earnings Optimism