Markets Right Now: S&P 500, Nasdaq close at record highs
NEW YORK (AP) — The latest on developments in financial markets (all times local):
The S&P 500 index is closing at a record high, surpassing the peak it set last September and recouping all the ground it lost in a nosedive late last year.
The Nasdaq index also closed at a record high Tuesday.
The market has risen sharply since bottoming out on Christmas Eve, driven by greater confidence in the economy and reassurances that the Federal Reserve is unlikely to raise interest rates this year.
The gains Tuesday came as big U.S. companies began turning in solid results for the first quarter. Hasbro soared 14.2% and Twitter jumped 15.6%.
The S&P 500 rose 25 points, or 0.9%, to 2,933.
The Dow Jones Industrial Average rose 145 points, or 0.5%, to 26,656. The Nasdaq added 105 points, or 1.3%, to 8,120.
The S&P 500 index was on track for an all-time high as big U.S. companies began turning in solid results for the first quarter, despite predictions for the worst quarter of earnings growth in years.
The most recent record for the benchmark index was set last September, shortly before the market took a nosedive in the fourth quarter that took the index almost 20% below that peak.
Big names including Hasbro, Lockheed Martin and Twitter all surprised Wall Street with strong profit and revenue Tuesday.
Hasbro jumped 14% and Twitter soared 17% after both companies reported impressive results.
The S&P 500 index rose 23 points, or 0.8%, to 2,931.
The Dow Jones Industrial Average rose 145 points, or 0.6%, to 26,656. The Nasdaq added 91 points, or 1.2%, to 8,107.
Stocks are opening broadly higher on Wall Street as company earnings reporting season gets into full swing.
Toymaker Hasbro jumped 14% in early trading Tuesday and Twitter rose 11.8% after both companies reported impressive results. Coca-Cola also rose 1.4%.
Defense contractor Lockheed Martin rose 4.5% and appliance maker Whirlpool climbed 3%.
The S&P 500 index rose 5 points, or 0.2%, to 2,913.
The Dow Jones Industrial Average rose 22 points, or 0.1%, to 26,537. The Nasdaq added 29 points, or 0.4%, to 8,045.
Bond prices rose. The yield on the 10 year Treasury fell to 2.57%.