US stocks rise after companies deliver strong profits and oil prices retreat
NEW YORK — The U.S. stock market is rising Tuesday following strong profit reports for Equifax, Hasbro and other companies, while oil prices ease back after nearing their highest levels since the war with Iran began. The S&P 500 added 0.4 percent. The Dow Jones Industrial Average was up 518 points, or 1 percent, as of 11:45 a.m. Eastern time, while more swings for the artificial-intelligence…
On Tuesday, the U.S. stock market experienced an uptick, driven by strong profit reports from companies such as Equifax, Hasbro, and others. The S&P 500 witnessed a 0.4 percent increase, the Dow Jones Industrial Average surged by 518 points, or 1 percent, while the Nasdaq composite rose by 0.2 percent.
Several companies reported better-than-expected profits in the latest quarter, providing reassurance to investors. Equifax, for instance, reported a bigger profit for the summer than analysts anticipated, despite high mortgage rates impacting some aspects of its business. This led to a remarkable 11.6 percent gain for the company, marking one of the market's largest gains. Similarly, Hasbro saw a 6.1 percent increase following its performance as a toy company.
The long-term trend of stock prices following corporate profits suggests that these recent gains will continue to uplift the market. The U.S. stock market's recent record-breaking highs, despite concerns over high inflation, higher interest rates, and other challenges, can be attributed to the overall positive outlook on corporate earnings.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
