JBHT - Dow Pops 350+ Runs Streak to 7
The Dow Jones Industrial Average was higher Tuesday as traders digested better-than-expected corporate earnings.
The 30-stock index popped 366.58 points, or 1.1%, to close Tuesday at 34,951.93, achieving a seventh straight day of gains.
The S&P 500 added 32.19 points to 4,554.98.
The NASDAQ index climbed 108.69 points to 14,353.64.
Bank of America reported better-than-expected earnings for the second quarter, thanks to higher interest rates. The bank stock added 4.3%. Bank of N.Y. Mellon's earnings also exceeded expectations, helping lift shares 4.2%.
Morgan Stanley stock added 6.3% after a beat on both revenue and adjusted earnings per share thanks to record revenue in its wealth management segment. PNC Financial, added 1.2% on the back of mixed second-quarter numbers. J.B. Hunt is slated to report after the bell.
Overall, the earnings season is off to a strong start. Of the S&P 500 that have reported, 84% exceeded profit estimates.
Meanwhile, investors are seemingly shaking off soft data from the Commerce Department out Tuesday. Advance retail sales ticked up 0.2%
month-over-month in June, while economists polled by Dow Jones forecasted a 0.5% increase.
Prices for the 10-year Treasury were ahead, lowering yields to 3.80% from Monday's 3.81%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.57 to $75.72 U.S. a barrel.
Gold prices picked up $24.80 to $1,981.20 U.S. an ounce.