Stock market today: Wall Street rises to 15-month high as earnings reports roll in
Wall Street strengthened after more companies reported fatter profits for the spring than expected
NEW YORK — Wall Street strengthened Tuesday after more companies reported fatter profits for the spring than expected.
The S&P 500 rose 12.82, or 0.3%, to 4,567.46 and its highest close since early April 2022. The Dow Jones Industrial Average gained 26.83, or 0.1%, to 35,438.07, and the Nasdaq composite climbed 85.69, or 0.6%, to 14,144.56.
General Electric helped lead the market with a 6.3% rally after it reported stronger profit for the latest quarter than analysts expected. It also raised its forecasts for full-year revenue and profits.
Another industrial giant, 3M, rose 5.3% after the maker of Scotch-Brite and Post-It raised its forecast for profits for the full year thanks in part to cost cutting efforts. Home builder PulteGroup climbed 6.2% after reporting stronger profit for the spring than expected.
On the losing side of Wall Street were airline stocks, led by Alaska Air Group. It fell 9.7% despite reporting stronger profit and revenue for the latest quarter than expected. Analysts said investors may have been disappointed with its financial forecasts for the current quarter.
Raytheon Technologies tumbled 10.2% after saying accelerated removals and inspections are needed for some of its Pratt & Whitney aircraft engines to look for a rare condition in powder metal. That pushed the company to lower its forecast for how much cash it will generate this year, though it also reported stronger profit for the spring than analysts expected.
This week is a busy one for earnings reports, and roughly 30% of the companies in the S&P 500 are on the schedule. The majority have been topping analysts' expectations so far this
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