Finance

Dow Jones Industrial Average surges 237 points

The Dow rallies 237.44 points, or 0.89%, to close at 27,024.80. The S&P 500 gained 1% to end the day at 2,995.68. The Nasdaq Composite surged 1.24% to 8,148.71. Investors cheered a slew of better-than-expected quarterly earnings.

Earnings lead the charge as trade talks take a backseat

J.P. Morgan Chase, UnitedHealth and Johnson & Johnson were among the companies whose results drove the major stock indexes higher. J.P. Morgan had record revenue for the previous quarter, with CEO Jamie Dimon highlighting he strength of the U.S. consumer. Pharmacy benefits revenue boosted UnitedHealth’s bottom line while strength in prescription drugs lifted Johnson & Johnson’s results. Most importantly, this string of positive results distracted investors from the lingering uncertainties around U.S.-China trade talks.

JP Morgan rises to all-time high, UNH surges

J.P. Morgan Chase shares jumped 3.01% and hit a record high. UnitedHealth, meanwhile, surged 8.16%. Johnson & Johnson climbed 1.62%.

What happens next?

Wall Street’s focus will largely remain on corporate earnings. Bank of America, Abbot Laboratories, Netflix and IBM are among the companies scheduled to report on Wednesday. Retail sales data is also set for release Wednesday morning. Read more here.

Subscribe to CNBC on YouTube.

Products You May Like

Articles You May Like

Despite gridlock in Washington, these big changes could be in store for your finances
Tyson Foods earnings miss forecasts as slaughterhouse fire hurts beef sales
Roku shares tank despite revenue beat for the third quarter
Most expensive wristwatch ever sold fetches $31 million at auction
Stocks making the biggest moves after hours: SmileDirectClub, 2U Inc., Skyworks & more

Leave a Reply

Your email address will not be published. Required fields are marked *