Dow jumps 200 points as earnings roll in
![](https://investmoneyuk.com/wp-content/uploads/2024/04/456b6520-b47a-11ee-b6f7-c8aacb570d43-780x470.jpeg)
The Dow rose about 200 points on Tuesday as markets eyed a broader comeback with bond yields at multimonth highs and rising tensions in the Middle East.
The Dow Jones Industrial Average (^DJI) climbed about 0.6%, coming off a six-session run of losses. The S&P 500 (^GSPC) hugged the flatline while the tech-heavy Nasdaq Composite (^IXIC) dropped roughly 0.1%.
The more upbeat tone comes as as earnings reports flooded in before the bell. United Health (UNH) shares added more than 5% after the healthcare group beat quarterly profit estimates, even as it said it expects to take a $1.6 billion from a February cyberattack.
Investors were also digesting more big bank results: Bank of America (BAC) reported that first-quarter profit dropped 18% year-on-year as a key revenue source weakened, while Morgan Stanley (MS) stock rose as it topped expectations. Elsewhere, BNY Mellon (BK) posted a profit beat while Johnson & Johnson (JNJ) reported a revenue miss. Also on the docket are results from United Airlines (UAL), among others.
Stocks booked sizable losses on Monday as hot retail sales data fueled expectations that interest rates will stay higher for longer this year. Consensus is now for no interest rate cut until September as the strength of the economy gives reason for the Federal Reserve to take its time, though some believe politics could push policymakers to act earlier.
Bond yields continued to rise after the 10-year Treasury yield (^TNX) touched 2024 highs on Monday. The yield was up about 4 basis points at around 4.66% early Tuesday.
Escalating tensions in the Middle East were still bubbling in the background, as investors watch for how Israel will decide to respond to Iran’s weekend attack as allies urge military restraint.
Live5 updates
Source link