By Shreyashi Sanyal
(Reuters) – Major US stock indices rallied on Tuesday, with encouraging quarterly statements from Johnson & Johnson and Travelers boosting risk appetite after major banks kicked off the third-quarter corporate earnings season with the right foot last week.
The S&P 500 index is now less than 1% below a record high it reached in early September, as investors expect a flow of better-than-expected corporate balance sheets to drive the market to new highs despite concerns over policy tightening. monetary policy.
Johnson & Johnson shares advanced 1.8% after the company raised its 2021 adjusted profit forecast, even as it maintains the outlook for sales of its Covid-19 vaccine this year.
Travelers earned 2.6% after the property and casualty insurer beat third-quarter earnings estimates.
Ten of the 11 main sector indices of the S&P 500 were up, with health actions in the lead.
“We can really see ourselves at a new record high before the end of the year, because of corporate earnings and typical seasonal optimism,” said Sam Stovall, chief investment strategist at CFRA.
Analysts now expect the profit of companies listed on the S&P 500 to have grown 32.4% over the same period last year, according to data from Refinitiv.
Facebook, Apple, Alphabet and Microsoft – large capitalization technology and communication companies – rose between 0.6% and 0.9%. Netflix was up 0.4%, before the release of its quarterly results, this Tuesday.
At 11:30 am (Eastern time), the Dow Jones index rose 0.35%, to 35,382 points, while the S&P 500 gained 0.51778%, to 4,510 points. The Nasdaq technology index advanced 0.41% to 15,084 points.
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