Stocks rise as Wall Street reviews latest company earnings | WGN Radio 720

NEW YORK (AP) – Stocks rose in morning trading on Wall Street Tuesday as investors continue reviewing earnings reports from big companies.

The S&P 500 rose 1% as of 10:24 am Eastern. The Dow Jones Industrial Average rose 343 points, or 1%, to 34,753 and the Nasdaq rose 1.3%.

Health care companies had some of the biggest gains. Johnson & Johnson rose 3.4% after reporting surprisingly good earnings while also raising its dividend. Several medical device makers also made solid gains. Intuitive Surgical rose 5.8% and Boston Scientific rose 4.5%.

Banks gained ground along with rising Treasury yields, which allows them to charge higher interest rates on loans. The yield on the 10-year Treasury rose to 2.91% from 2.85% late Monday. Bank of America rose 1.9%.

Energy stocks lagged the broader market. US crude oil prices slipped 4.3%. Natural gas prices slumped 8.4%.

Wall Street is increasingly focusing on the latest round of corporate report cards as more big companies release earnings. Signature Bank jumped 5.2% after beating analysts’ earnings expectations. Netflix is ​​on deck to report earnings after the market closes Tuesday. Railroad giant CSX will report earnings on Wednesday, along with Tesla. American Airlines and Union Pacific will report their results on Thursday.

The latest round of earnings comes as investors try to gauge how companies and consumers are dealing with rising inflation that has made everything from food to clothing and gas more expensive.

The conflict in Ukraine has added to those price pressures. The International Monetary Fund on Tuesday downgraded the outlook for the world economy this year and next, blaming Russia’s war in Ukraine for disrupting global trade, pushing up oil prices, threatening food supplies and increasing uncertainty already heightened by the coronavirus and its variants.

Rising prices have prompted the Federal Reserve and other central banks to raise interest rates in order to help temper inflation’s impact. The Fed has already announced a quarter-percentage point rate hike and Wall Street expects a half-percentage rate hike at its next meeting.

Bond yields have been rising as Wall Street prepares for higher interest rates. The yield on the 10-year Treasury is the highest it’s been since late in 2018. Rising yields have also been raising pressure on an already tight housing market as mortgages rates rise and make borrowing more expensive. Wall Street will get more details on that impact when the National Association of Realtors releases its homes ales report for March on Wednesday.

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