UNH - Dow Balloons 700+ Biggest Gain in More than Year
The Dow Jones Industrial Average advanced to new highs on Tuesday, as the bull market broadened out beyond technology names on hopes of forthcoming interest rate cuts.
The 30-stock index vaulted 742.82 points, or 1.9%, to 40,954.54.
The S&P 500 index picked up 35.99 points to 5,649.09.
The NASDAQ grew 36.77 points to 18,509.34.
Industrial bellwether Caterpillar climbed more than 4%, making it the second-biggest gainer in the Dow behind UnitedHealth. The insurer surged more than 6% on the back of better-than-expected second-quarter results.
Financials — another trailing bull market group — gained after earnings from Bank of America and Morgan Stanley came in ahead of analyst forecasts. Bank of America jumped 5%, while Morgan Stanley added more than 1%.
Retail sales data also came in better than anticipated, which could ease concerns that the consumer was buckling. June sales were unchanged, while economists polled by Dow Jones predicted a decline of 0.4%. Excluding autos, sales rose 0.4%, a larger gain than the 0.1% consensus forecast.
Prices for the 10-year Treasury strengthened, lowering yields to 4.16% from Monday's 4.23%. Treasury prices and yields move in opposite directions.
Oil prices dipped $1.08 at $80.83 U.S. a barrel.
Gold prices gained $43.00 to $2,471.90