Stocks - Wall Street Surges on Strong Earnings Results

24 July 2018, 15: 03
© Reuters.  Wall Street opened higher on Tuesday.

Wall Street kicked off the day higher on Tuesday as strong corporate earnings boosted investor confidence.

The S&P 500 rose 18 points, or 0.67%, to 2,825.82 as of 9:37 AM ET (13:37 GMT), while the Dow increased 131 points, or 0.53%, to 25,175.84 and the tech-heavy Nasdaq Composite gained 83 points, or 1.07%, to 7,925.77.

Google’s Alphabet (NASDAQ:GOOGL) surged 4.41% after its second-quarter earnings came in better than expected, excluding a $5 billion fine from the European Union. The technology giant pushed other FAANG stocks higher, with Amazon.com (NASDAQ:AMZN) up 1.44%, Facebook (NASDAQ:FB) rising 1.90%, Netflix (NASDAQ:NFLX) gaining 0.90% and Apple (NASDAQ:AAPL) increasing 0.51%.

Elsewhere, Lockheed Martin (NYSE:LMT) beat its profit estimates, with shares rising 2.92%. And Harley-Davidson (NYSE:HOG) was up 4.92% after its profit came in higher than expected, although the company did warn that EU tariffs would squeeze margins. The motorcycle maker has been in the middle of trade disputes between the U.S. and the EU.

Elsewhere, General Electric (NYSE:GE) was down 0.42%, while Whirlpool (NYSE:WHR) slumped 11.48% as its earnings came in lower than expected.

Corporate earnings continue after the closing bell, with AT&T (NYSE:T) and others expected to report their financial results.

In Europe stocks were up. Germany’s DAX rose 182 points, or 1.45%, while in France the CAC 40 increased 66 points, or 1.23%, and in London, the FTSE 100 was up 67 points or 0.89%. Meanwhile, the pan-European Euro Stoxx 50 gained 37 points, or 1.10%, while Spain’s IBEX 35 inched up 71 points, or 0.72%.

In commodities, gold futures rose 0.17% to $1,227.70 a troy ounce, while crude oilfutures increased 0.28% to $68.08 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.11% to 94.32.