The Daily Times Newspaper

Wall Street Rises on Corporate Data Optimism

38,260

The US stock exchanges started the trading day with gains on Tuesday. Investors processed a series of company figures. In the first week of the US earnings season last week, two-thirds of companies exceeded expectations, which is now giving shareholders renewed hope.

 

The Dow-Jones index rose 0.3 percent to 35,348 points in the first minutes of trading. The broad-based S&P 500 also rose 0.3 percent to 4499 points, and tech Nasdaq was also 0.3 percent higher at 15,065 points.

Care and cleaning company Procter & Gamble (P&G) saw profits fall. Although the American company behind brands such as Gillette, Pampers and Ariel sold more, it also had to pay more for raw materials and the transport of products. P&G lost 1.6 percent.

Vaccine producer Johnson & Johnson (J&J) has raised its profit forecast for this year. The results of the pharmaceutical company have improved because regular care in many parts of the world is no longer scaled down due to the high number of infections with the coronavirus. As a result, the share of J&J gained 1.9 percent.

Due to the chip shortage, tobacco producer Philip Morris International (minus 1.5 percent) reported having problems meeting the demand for its IQOS e-cigarettes. Despite this, the company increased its sales and profits and tightened its profit forecast for the whole of 2021.

Broadcaster ManpowerGroup (minus 5.8 percent), oil services provider Halliburton (minus 1.8 percent) and insurer Travelers (plus 2.8 percent) also opened the books.

Bitcoin rose about 2 percent to above $62,500. The first publicly traded investment fund in the United States to track the cryptocurrency’s price has been trading in New York since Tuesday. Investors can thus profit from the appreciation of bitcoin without having to buy the digital currency themselves. Cryptocurrency advocates hope the fund will help make bitcoin more mainstream, and the coin’s value has already risen in recent days.

Leave A Reply