It was a banner day on the U.S. stock exchange Tuesday as an impressive list of major companies reported better-than-expected quarterly results.
The S&P 500 hit a record high shortly after the exchange opened, and most of the news after that was good, as companies like Caterpillar and McDonald’s exceeded estimates and saw their share prices soar on the Dow Jones Industrial Average. General Motors also saw the cost of its shares rise after reporting quarterly results.
“This is what the market needs to hear from industrial names coming in strong,” said Quincy Krosby, chief market strategist at Prudential Financial. “This is the earnings week.”
Out of all the Dow Jones Industrial Average stocks that reported on Tuesday morning, 3M had the worst performance, which saw its stock prices drop by 6 percent and shaved off 83 points from the Dow.
With approximately 180 S&P 500 companies, including Boeing, Coca-Cola, Facebook and Amazon, scheduled to report, this is the busiest week of the earnings season.
The Federal Reserve embarked on a two-day monetary policy meeting and is expected to keep interest rates static.
In economic news, home prices in major metropolitan areas rose 5.7 percent in May, according to the S&P CoreLogic Case-Shiller home price index.
The benchmark 10-year note yield rose to trade at 2.309 percent, while the two-year yield hovered around 1.382 percent.
Recent data coming from the Department of Labor shows that unemployment fell to its lowest level since 1988, denoting a strong job market and revealing that after the worst recession in decades, Americans are finally recovering.
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