Article

2022-07-20 Economy

Dow surges over 700 points as corporate earnings pour in

[NYP] Wall Street had one of its best days in weeks Tuesday as the Dow jumped more than 700 points and investors pored over how much profit companies made during the spring.

The Dow Jones Industrial Average rallied 754.44 points, or 2.4%, to 31,827.05, and the Nasdaq composite climbed 353 points, or 3.1% higher. The S&P 500 was 2.8% higher, a day after an early 1% gain gave way to a loss.

Stocks have dropped roughly 20% so far this year on worries about rising interest rates and high inflation, which puts an even brighter spotlight than usual on how much profit companies are making. If earnings hold up, it would provide a major support for markets. But if CEOs warn about troubles ahead, another tumble may be on the way.

More types of companies are reporting how much they earned during the spring, broadening out from the banks that dominated the earliest part of the reporting season.

Toy company Hasbro jumped 2.9% after it reported stronger profit than analysts expected. Oilfield services provider Halliburton rose 0.9% after its profit and revenue topped forecasts. Health care giant Johnson & Johnson added 0.6% after it likewise beat expectations.

Posted by Besoeker 2022-07-20 02:36|| || Front Page|| [11129 views ] Top

#1 ....My 401k managed to struggle to its knees long enough to say 'thank you', then passed out again.

Mike

Posted by MikeKozlowski 2022-07-20 06:17|| 2022-07-20 06:17|| Front Page Top

#2
Shrinkflation of product sizes documented everywhere,

Price increases between 11 to 33% on top of Shrinkflation,

Gas / Diesel selling at 15% to 22% over the typical mark-up vs oil costs. In some states, 87 Octane is $3.55 a Gallon, while in others $6.00+

Regional generated inflated costs.

Media generated panic buying.

Yeah, I can see how Corporate America made $$$$$$

Posted by NN2N1 2022-07-20 07:48|| 2022-07-20 07:48|| Front Page Top

#3 The business shutdowns and job losses during COVID hysteria were market distortions. How could there not be knock-on effects afterwards (now)?

Posted by M. Murcek 2022-07-20 07:51|| 2022-07-20 07:51|| Front Page Top

#4 Dead cats still bounce

Posted by Cloluck Bourbon1058 2022-07-20 12:55|| 2022-07-20 12:55|| Front Page Top

#5 Today a friend told me his 401 lost $40,000 today.

Posted by Dale 2022-07-20 12:55|| 2022-07-20 12:55|| Front Page Top

#6 That's funny, Mike.
Sorry.

Posted by Skidmark 2022-07-20 15:12|| 2022-07-20 15:12|| Front Page Top

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