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Dow rises for a third straight day to eke out another record on the back of strong earnings

U.S. stocks climbed to record levels on Tuesday as major corporations continued to turn in solid quarterly results, but major averages closed off their highs of the day with some major tech names rolling over.

 

The Dow Jones Industrial Average gained 15.73 points to close at another record high of 35,756.88. At one point, the 30-stock Dow climbed about 150 points to hit an all-time high.

The S&P 500 rose nearly 0.2%, hitting a fresh record as well at 4,574.79.

The Nasdaq Composite rose less than 0.1% to 15,235.71.

 

An intraday reversal in shares of Facebook weighed on major averages at midday. After trading flat to higher to start the session, Facebook shares dropped more than 5% at the session low and closed 3.9% lower. The company topped analysts’ earnings expectations but missed estimates for revenue and monthly active users.

 

 

Europe stocks close higher as investors monitor earnings; THG down 21%

European stocks closed higher on Tuesday, as positive corporate earnings offered a tailwind to global markets.

 

The pan-European Stoxx 600 closed up by 0.8%, with travel and leisure stocks jumping 1.9% to lead gains with most sectors and major bourses firmly in positive territory.

Global investors are still assessing concerns about above-trend inflation and below-trend economic growth, which have prompted fears of stagflation or monetary policy errors.

Earnings were the key driver of individual share price movement in Europe.

 

Reference: CNBC