Yahoo Finance Stocks - Dow Jumps, S&P Soars as Bullish Earnings Stoke Risk Appetite
Investing.com – Stocks on Wall Street rallied sharply on Tuesday as upbeat results from corporates whetted investor appetite for riskier assets.
The Dow Jones Industrial Average rose about 2.17%. The S&P 500 rose 2.18%, while the Nasdaq Composite rose 2.89%.
A slew of upbeat corporate earnings prompted a wave of buying across Wall Street as every sector ended the day in green, helping the broader market notch its biggest one-day gain since March.
Financials were bolstered by a strong showing from Goldman Sachs and Morgan Stanley after both investment banks reported earnings and revenue that topped Wall Street estimates.
Technology clawed back recent losses, rallying 2% after a surge in shares of Facebook (NASDAQ:FB), Netflix (NASDAQ:NFLX) and Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG). Netflix jumped further in after-hours trading on strong subscriber numbers.
Energy, meanwhile, also played a role in lifting the broader markets, as oil prices settled higher despite worries over an outsized build in U.S. oil supplies ahead of petroleum data due Wednesday.
In corporate news, meanwhile, Walmart (NYSE:WMT) rose 2.1% despite slashing its fiscal 2019 earnings forecast Tuesday as its Flipkart acquisition is expected to weigh on margins.
Adobe Systems (NASDAQ:ADBE) jumped 9.5% after the software company upgraded its outlook on 2019 revenue supported by recent acquisitions.
Sentiment on Wall Street was also bolstered by upbeat labor market data after the U.S. Labor Department said job openings in August, a measure of labor demand, improved to about 7.136 million, beating expectations of 6.945 million.
The upbeat jobs report came a day ahead of Federal Reserve's September meeting minutes. The minutes may provide an insight into the central bank's thinking on monetary policy, which has come under fire recently.
President Donald Trump on Tuesday reiterated his criticism of the Fed's plans to continue with gradual rate hikes, saying the Fed was his "biggest threat" because it was raising rates too fast.
Top S&P 500 Gainers and Losers Today:
Adobe Systems (NASDAQ:ADBE), Advanced Micro Devices (NASDAQ:AMD) and Omnicom Group (NYSE:OMC) were among the top S&P 500 gainers for the session.
WW Grainger (NYSE:GWW), BlackRock (NYSE:BLK) and AutoZone (NYSE:AZO) were among the worst S&P 500 performers of the session.
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