US stocks climb as markets strive for 5-day win streak on the back of strong corporate earnings

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US stocks climb as markets strive for 5-day win streak on the back of strong corporate earnings
Xinhua/Wang Ying/Getty Images

US stocks moved higher on Tuesday and were on track for a 5-day win streak amid a continued deluge of strong third-quarter corporate earnings.

Dow Jones components Procter & Gamble and Johnson & Johnson both reported earnings results that were better than analyst expectations on Tuesday.

Of the 41 companies on the S&P 500 that have reported earnings so far, 85% beat earning estimates by a median of 10%, according to Fundstrat. A total of 76 additional S&P 500 companies are set to report earnings results this week.

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Here's where US indexes stood shortly after the 9:30 a.m. ET open on Tuesday:

Bitcoin traded higher to about $63,000 on Tuesday as investors get ready for the highly anticipated launch of a bitcoin futures ETF.

Fundstrat's Tom Lee said the launch of a bitcoin futures ETF on Tuesday could jumpstart demand for the cryptocurrency and send it soaring 170% to $168,000 as an equilibrium between supply and demand is worked out.

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While the ProShares bitcoin futures ETF begins trading on Tuesday, Invesco ditched its plans to launch its own bitcoin futures ETF, losing out on a big potential first-mover advantage.

The SEC released its summary report on the GameStop short-squeeze that took place earlier this year, and said overwhelmingly positive sentiment from Reddit day traders is what drove a bulk of the surge in the stock.

West Texas Intermediate crude oil rose 0.10%, to $81.77 per barrel. Brent crude, oil's international benchmark, rallied 0.14%, to $84.45 per barrel.

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Gold jumped as much as 0.89%, to $1,781.50 per ounce.

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