A round up upbeat earnings sent the major indexes higher
The market's recent rally picked back up on Tuesday, with the Dow adding 754 points, while the Nasdaq and S&P 500 both added more than 2%. All three indexes logged their best days since June 24. Today's influx of upbeat earnings reports sent stocks soaring, while many are speculating as to whether or not the market bottom has already happened. Tech stocks, especially, saw a strong day of trading. Netflix (NFLX) added more than 5% ahead of this evening's earnings report, while Google parent Alphabet (GOOGL) enjoyed additional upside following Monday's 20-for-1 stock split.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 31,827.05) gained 754.4 points, or 2.4% for the day. Boeing (BA) led the gainers, adding 5.7%. IBM (IBM) paced the losers, shedding 5.3%.
The S&P 500 Index (SPX - 3,936.69) added 105.8 points, or 2.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,713.15) rose 353.1 points, or 3.1% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 24.50) lost 0.8 point, or 3.2% for the day.
5 Things to Know Today
- London has registered record temperatures above 40 degrees Celsius -- or 104 degrees Fahrenheit -- which is what the U.K.'s official weather forecasting agency, the Met Office, predicted the temperature would reach by 2050. (CNBC)
- Elon Musk will have to attend a five-day trial this October via teleconference, after Delaware Court of Chancery Chancellor Kathaleen McCormick granted Twitter's (TWTR) motion for an expedited trial in its lawsuit against Musk over dropping his plan to buy the social media company for $44 billion. (CNBC)
- The dire warning that overshadowed IBM's earnings beat.
- 2 solar stocks to watch out for, according to Piper Sandler.
- Why this China-based tech stock made our Schaeffer's 41st Anniversary Stock Picks report.
Production Concerns Send Oil Higher
Oil strung on another daily win as investors fretted over the Organization of the Petroleum Exporting Countries (OPEC) ineffective efforts to lift production. Discussions over more U.S. restrictions on fossil fuels also sent prices higher. August-dated crude added $1.62, or 1.6%, to finish at $104.22 per barrel for the day.
More weakness in the U.S. dollar sent gold prices higher, and though a rise in Treasury yields did put some weight on the commodity, it managed to log another settlement atop the key $1,700 per ounce level. August-dated gold added 50 cents, or 0.1%, to close at $1,710.70 an ounce.