Bulletin
Investor Alert

Market Snapshot Archives | Email alerts

April 23, 2019, 4:34 p.m. EDT

S&P 500, Nasdaq close at record highs as earnings surprise on the upside

Dow moves toward record as United Tech and Coke surge

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Dow Jones Industrial Average (DJIA)
  • X
    S&P 500 Index (SPX)
  • X
    NASDAQ Composite Index (COMP)

or Cancel Already have a watchlist? Log In

By Chris Matthews and Sue Chang, MarketWatch


Bloomberg
Dow component Coke was a notable market leader on a big day of earnings.

The S&P 500 and Nasdaq closed at record highs Tuesday as investors cheered the latest batch of solid corporate earnings, including those from blue-chip Coca-Cola Co. and social-media brands such as Twitter Inc.

How did major indexes fare?

The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.69% rose 145.34 points, or 0.6%, to 26,656.39, less than 1% away from its record. The S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.51%  added 25.71 points, or 0.9%, to 2,933.68, and the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -1.53% gained 105.56 points, or 1.3%, to 8,120.82.

What drove the market?

Earnings continued to dominate the market, with several Dow components such as Coca-Cola /zigman2/quotes/209159848/composite KO -0.27% , Procter & Gamble Co. /zigman2/quotes/202894679/composite PG +0.59% , United Technologies Corp . and Verizon Communications Inc . /zigman2/quotes/204980236/composite VZ -1.00%  releasing quarterly results.

Shares of United Technologies rose 2.3% to lead the Dow higher after the company reported earnings and revenue that beat analyst expectations, while raising expectations for its full-year performance. Shares of Coke also boosted the blue-chip index, rising 1.7%, on better-than-expected earnings.

Twitter Inc. /zigman2/quotes/203180645/composite TWTR +0.30%  shares led the S&P 500’s charge into record territory, up 16% after the social media company reported user growth well beyond analyst forecasts.

On the economic front, new-home sales in March rose 4.5% to a seasonally adjusted annual rate of 692,000, the Commerce Department said.

On Monday, the energy sector had taken center stage after the U.S. said it was ending sanction waivers on imports of Iranian oil, granted to a number of countries, including China, India and Turkey, which were slated to terminate May 2. Because the tightened restrictions would remove nearly 1 million barrels of Iranian supplies from the market a day, it delivered a jolt to oil-pegged assets and produced sharp gains in the energy sector, as reflected in exchange-traded funds Energy Select Sector SPDR ETF /zigman2/quotes/206420077/composite XLE -1.06%  and United States Oil Fund LP /zigman2/quotes/203483736/composite USO +15.46% .

What were analysts saying?

Potential new closing highs “are being driven by some really solid earnings reports today,” said Lindsey Bell, investment strategist with CFRA research.

For markets to keep hitting new highs, “You’re going to need to see tech really participate, following on Twitter this morning,” she added.

Bell pointed to Microsoft Corp . /zigman2/quotes/207732364/composite MSFT -0.92% and Facebook Inc . /zigman2/quotes/205064656/composite FB -2.53% as two companies that report earnings Wednesday, and whose results could go a long way in determining the stamina of the current rally.

“Overall, the [corporate] results indicate an improving world economy, particularly for big-ticket items on both the consumer and industrial spending sides, supporting investor interest in cyclical sectors like Consumer Discretionary, Industrials, Communications, and Technology,” wrote Colin Cieszynski, chief market strategist at SIA Wealth Management in a Tuesday research note.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
21,052.53
-360.91 -1.69%
Volume: 451.62M
April 3, 2020 5:10p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
2,488.65
-38.25 -1.51%
Volume: 3.59B
April 3, 2020 5:10p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
7,373.08
-114.23 -1.53%
Volume: 2.88M
April 3, 2020 5:16p
loading...
/zigman2/quotes/209159848/composite
US : U.S.: NYSE
$ 43.83
-0.12 -0.27%
Volume: 14.21M
April 3, 2020 6:30p
P/E Ratio
21.20
Dividend Yield
3.74%
Market Cap
$188.18 billion
Rev. per Employee
$506,342
loading...
/zigman2/quotes/202894679/composite
US : U.S.: NYSE
$ 115.08
+0.68 +0.59%
Volume: 7.77M
April 3, 2020 6:30p
P/E Ratio
67.97
Dividend Yield
2.59%
Market Cap
$284.18 billion
Rev. per Employee
$727,304
loading...
/zigman2/quotes/204980236/composite
US : U.S.: NYSE
$ 54.70
-0.55 -1.00%
Volume: 17.61M
April 3, 2020 6:30p
P/E Ratio
11.76
Dividend Yield
4.50%
Market Cap
$226.46 billion
Rev. per Employee
$905,626
loading...
/zigman2/quotes/203180645/composite
US : U.S.: NYSE
$ 23.09
+0.07 +0.30%
Volume: 25.03M
April 3, 2020 6:30p
P/E Ratio
12.36
Dividend Yield
N/A
Market Cap
$18.08 billion
Rev. per Employee
$776,112
loading...
/zigman2/quotes/206420077/composite
US : U.S.: NYSE Arca
$ 29.83
-0.32 -1.06%
Volume: 63.83M
April 3, 2020 8:00p
loading...
/zigman2/quotes/203483736/composite
US : U.S.: NYSE Arca
$ 5.90
+0.79 +15.46%
Volume: 225.91M
April 3, 2020 8:00p
loading...
/zigman2/quotes/207732364/composite
US : U.S.: Nasdaq
$ 153.83
-1.43 -0.92%
Volume: 41.24M
April 3, 2020 4:15p
P/E Ratio
26.78
Dividend Yield
1.33%
Market Cap
$1170.04 billion
Rev. per Employee
$902,473
loading...
/zigman2/quotes/205064656/composite
US : U.S.: Nasdaq
$ 154.18
-4.01 -2.53%
Volume: 25.98M
April 3, 2020 4:00p
P/E Ratio
23.96
Dividend Yield
N/A
Market Cap
$439.48 billion
Rev. per Employee
$1.57M
loading...
1 2
This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.