NEW YORK: Wall Street stocks advanced for a second straight session early Tuesday following solid corporate results that added to hopes about earnings season.
Analysts pointed to better-than-expected reports from Goldman Sachs and Johnson & Johnson as a positive driver for stocks, along with shifting investor sentiment.
“What we have this morning (and had yesterday) is an appreciation for the market being oversold on a short-term basis and an awareness that it has designs for the time being on turning the corner to a better place,” said Briefing.com analyst Patrick O’Hare.
But O’Hare noted that the market is overlooking troubling headlines, such as downcast German economic data and statements from US Secretary of State Anthony Blinken that China wants to wants to seize Taiwan “on a much faster timeline” than previously considered.
About 30 minutes into trading, the Dow Jones Industrial Average was up 1.8 percent at 30,724.32.
The broad-based S&P 500 advanced 1.8 percent to 3,744.29, while the tech-rich Nasdaq Composite Index jumped 1.9 percent to 10,877.77.
Goldman Sachs climbed 4.2 percent after reporting lower profits on a big drop in revenues tied to corporate merger advising, but still topping analyst expectations on strong trading revenues.
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