S&P 500 Rises as Strong Earnings Spark Rally

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S&P 500 Rises as Strong Earnings Spark Rally

By Yasin Ebrahim

Investing.com -- The S&P 500 rallied Tuesday, as better-than-expected quarterly results continued to support sentiment on stocks for the second-straight day.

The S&P 500 rose 1.4%, the Dow Jones Industrial Average gained 1.4% or 411 points, and the Nasdaq was up 1.3%.

Industrials led the broader-market climb after upbeat quarterly results from Lockheed Martin sparked a rally in other defense companies.

Lockheed Martin (NYSE: LMT ) rallied more than 9% after its third-quarter earnings topped Wall Street estimates and the defense contractor boosted stock buyback plans.

Northrop Grumman (NYSE: NOC ), L3Harris Technologies (NYSE: LHX ), and Huntington Ingalls Industries (NYSE: HII ) were more than 4% higher.

Goldman Sachs (NYSE: GS ), meanwhile, climbed more than 2% after reporting blowout third-quarter earnings , underpinned by strong performance in its fixed-income trading division.

The Wall Street bank also confirmed plans to reorganize its business into three segments: asset and wealth management, global banking and markets, and platform solutions.

Hasbro (NASDAQ: HAS ), however, fell 2% after the toymaker reported third-quarter earnings that fell short of estimates as bloated inventory and softer consumer demand weighed on performance.

Tech stocks continued to advance for the second day in a row, led by a 2% rise in Apple (NASDAQ: AAPL ) after the tech giant launched new products including an Apple TV 4K and iPad Pro.

Salesforce (NYSE: CRM ) rose 5% on reports that the activist investor Starboard Value took “significant” stake in the software maker.

Netflix (NASDAQ: NFLX ) fell 1.1% ahead of its quarterly results due after the market closes,

Energy stocks were up more than 1% even as oil prices stumbled amid ongoing concerns about demand just as the U.S. is expected to ramp up the release of emergency oil supplies.

Marathon Petroleum (NYSE: MPC ), Valero Energy (NYSE: VLO ), and EOG Resources (NYSE: EOG ) were up more than 2%.

“Biden is expected this week to announce the release of the remaining 14 million barrels of the 180 million barrels that have been earmarked so far,” Commerzbank said in a note.

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