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Stocks - Wall Street Gains on Strong Q3 Earnings
© Reuters.
Investing.com – Wall Street was higher on Tuesday after robust third-quarter earnings from JPMorgan Chase (NYSE:JPM), UnitedHealth (NYSE:UNH) and Johnson & Johnson (NYSE:JNJ).
The Dow rose 135 points or 0.5% by 9:52 AM ET (13:52 GMT), while the S&P 500 was up 14 points or 0.5% and the Nasdaq composite gained 40 points or 0.5%.
Shares of UnitedHealth (NYSE:UNH) and Johnson & Johnson (NYSE:JNJ) were up 5.7% and 2.1% after the healthcare companies raised their yearly forecasts on the back of better-than-expected earnings for the quarter.
JPMorgan (NYSE:JPM) gained 2.2% after reporting strong earnings and record revenue, due to strength in the bank’s bond trading and underwriting businesses, as well as its credit card business. Blackrock (NYSE:BLK) was up 0.9% after posting a quarterly profit of $7.15 per share, as investors focused on heavy asset inflows rather than a modest decline in profit from a year earlier.
However Goldman Sachs (NYSE:GS) slumped 3% after posting earnings per share of $4.79, below consensus forecasts. Wells Fargo (NYSE:WFC) inched up 0.4% after a largely-anticipated profit slump caused by legal costs, while Charles Schwab (NYSE:SCHW) gained 3.6% after reporting third-quarter earnings above forecasts and a record increase in net new assets.
In commodities, the U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.1% to 98.343 and gold futures tumbled 0.4% to $1,491.45 a troy ounce. Crude oil futures slumped 0.7% to $53.23 a barrel.
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