Dow Jumps 300 Points
JP Morgan, UnitedHealth lead strong start to earnings season
Stocks traded sharply higher on Tuesday as the corporate earnings season got off to a strong start. The Dow Jones Industrial Average rose 306 points, or 1.2 percent. The S&P 500 gained 1.1 percent while the Nasdaq Composite advanced 1.2 percent. The S&P 500 was about 1 percent away from reaching an all-time high.
“The early reporters must not have gotten the memo from market bears stating that we are in an earnings recession,” said Nick Raich, CEO of The Earnings Scout.
J.P. Morgan Chase shares jumped 3.3 percent after its third-quarter numbers topped analyst expectations. The company’s revenue also hit a record, boosted by home and auto loans along with credit cards.
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