Stocks traded higher on Tuesday as the latest corporate earnings season got underway.
The Dow Jones Industrials leaped 153.24 points by noon at 24,929.83, as DowDuPont and Procter & Gamble outperformed.
The S&P 500 gained 8.94 points to 2,793.11, with energy rising 0.8%.
The NASDAQ hiked 67.81 points to 7,756.20
Earnings for the first calendar quarter rose 24% on a year-over-year basis. Wall Street is expecting similar results for calendar second quarter. Analysts expect S&P 500 second-quarter earnings to have grown by 20%
More than 20 companies in the S&P 500 have already released their quarterly results, including PepsiCo. The soft drink and snacks maker posted better-than-expected earnings, sending its shares higher by more than 4%. PepsiCo also said it expects “substantially higher” earnings growth for fiscal fourth quarter.
Pepsi is not the only company to have beaten expectations thus far. One analyst said in a note Tuesday that 86% of the companies that have already reported exceeded their quarterly earnings expectations, posting 24.1% year-over-year growth.
Citigroup, J.P. Morgan Chase, Wells Fargo and Delta Air Lines are all scheduled to report earnings later this week.
Tesla shares rose 1.8% after Bloomberg News reported the company is planning to build a massive plant in China. The report says the plant will have the capacity to build 500,000 vehicles per year.
Prices for the benchmark for the 10-year U.S.Treasury faded, raising yields to 2.87% from Monday 2.86%.
Oil prices dipped six cents to $73.79U.S. a barrel.
Gold prices lost $3.20 to $1,256.40U.S. an ounce.
This article provided by NewsEdge.