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  3. US markets end higher on Tuesday

US markets end higher on Tuesday

17 Jul 2024 Evaluate

Magnifying their previous session’s gains, the US markets ended higher on Tuesday. The Dow led the charge, surging to a new record closing high. Traders reacted positively to some of the latest earnings news, with Dow component UnitedHealth (UNH) moving sharply higher after reporting second quarter earnings that exceeded analyst estimates. Bank of America (BAC) also moved notably higher after the financial giant reported better than expected second quarter earnings. Shares of Morgan Stanley (MS) also turned positive after seeing initial weakness after the company reported better than expected second quarter earnings.

Traders also reacted positively to the latest U.S. economic data, including a Commerce Department report showing U.S. retail sales came in unchanged in the month of June. The Commerce Department said retail sales came in flat in June after rising by an upwardly revised 0.3 percent in May. Street had expected retail sales to come in unchanged compared to the 0.1 percent uptick originally reported for the previous month. Excluding a sharp drop in sales by motor vehicle and parts dealers, retail sales climbed by 0.4 percent in June after inching up by 0.1 percent in May. Ex-auto sales were expected to creep up by 0.1 percent.

The Labor Department also released a report showing import prices in the U.S. were unexpectedly flat in the month of June. The report said import prices were unchanged in June after dipping by a revised 0.2 percent in May. Street had expected import prices to rise by 0.2 percent compared to the 0.4 percent decrease originally reported for the previous month. Meanwhile, the Labor Department said export prices declined by 0.5 percent in June after falling by a revised 0.7 percent in May. Export prices were expected to edge down by 0.1 percent compared to the 0.6 percent decrease originally reported for the previous month.

Dow Jones Industrial Average surged 742.76 points or 1.85 percent to 40,954.48, Nasdaq rose 36.77 points or 0.2 percent to 18,509.34 and S&P 500 was up by 35.98 points or 0.64 percent to 5,667.2.  


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