Markets Right Now: Solid earnings drive stock indexes higher
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are moving higher on Wall Street after several major companies reported solid second quarter earnings.
Coca-Cola soared 5.7% in midday trading Tuesday after beating Wall Street’s second quarter profit forecasts. Toy maker Hasbro jumped 8.3%.
Corporate earnings are now in full swing after last week’s relatively light load of mixed results.
JPMorgan Chase, Bank of America and several other banks gained ground as bond yields rose. Higher bond yields allow banks to charge more interest on loans.
The S&P 500 index rose 5 points, or 0.2% to 2,990.
The Dow Jones Industrial Average rose 51 points, or 0.2%, to 27,223. The Nasdaq was flat at 8,204.
Bond prices fell. The yield on the 10-year Treasury rose to 2.05%.
Stocks are edging higher in early trading on Wall Street as consumer products companies and banks gain ground.
Coca-Cola, Hasbro and Stanley Black & Decker all rose sharply Tuesday after reporting earnings that were better than analysts were expecting.
Banks were also higher. Bank of America rose 1.3%
The S&P 500 index rose 9 points, or 0.3% to 2,994.
The Dow Jones Industrial Average rose 111 points, or 0.4%, to 27,282. The Nasdaq climbed 22 points, or 0.3%, to 8,227.
Bond prices fell. The yield on the 10-year Treasury rose to 2.06%.