US stocks notch 5th straight day of gains as investors cheer strong quarterly earnings
- The S&P 500 and
Nasdaq 100notched their fifth-straight session of gains on Tuesday.
- Third-quarter earnings results are picking up where the second-quarter left off and impressing investors.
- Of the 41 companies in the S&P 500 that have reported earnings so far, 85% beat earning estimates by a median of 10%.
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US stocks closed higher on Tuesday, helping the S&P 500 and Nasdaq 100 notch a five-day win streak amid an onslaught of third-quarter earnings results.
Dow Jones components Procter & Gamble and Johnson & Johnson both reported earnings results that were better than analyst expectations on Tuesday. Earnings results from S&P 500 company Intuitive Surgical leaked a couple hours early Tuesday afternoon and also beat earnings estimates.
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.
Here's where US indexes stood at the 4:00 p.m. ET close on Tuesday:
- S&P 500: 4,519.76, up 0.74%
- Dow Jones Industrial Average: 35,457.44, up 0.56% (198.83 points)
- Nasdaq Composite: 15,129.09, up 0.71%
Bitcoin traded higher to about $63,000 on Tuesday as investors get ready for the highly anticipated launch of a bitcoin futures ETF. The ProShares Bitcoin Strategy ETF had one of the best ETF launches ever, with more than $900 million worth of shares traded in its first day.
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.
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.
A fund manager survey from Bank of America found that investor bullishness is at a one-year low as worries of inflation, supply chain disruptions, and a slowdown in economic growth begin to grow. The low sentiment readings come even as the S&P 500 trades 1% below its record high.
Gold jumped as much as 0.89%, to $1,781.50 per ounce.
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