Stocks gain on earnings
NEW YORK — Stocks rose on Tuesday as some positive earnings and economic data pointed to a market that still had room to rise despite the S&P 500 hitting an intraday record.
Investors continued to pay close attention to unstable regions abroad, and while violence persisted in the Gaza Strip, hopes rose for an easing of tension in Ukraine.
Verizon Communications Inc. rose 0.6 percent to $50.98 after the company reported revenue that topped expectations. Chipotle Mexican Grill was the S&P 500’s biggest percentage gainer, up 11.8 percent at $659.77 a day after the burrito chain reported a steep jump in profit.
Netflix Inc., one of the market’s biggest trading favorites over the past few years, reported a quarterly profit that more than doubled on Monday after the market closed. However, on Tuesday, Netflix shares fell 4.6 percent to $431.09 as the company’s plans to expand in Europe were seen as eroding profits.
With 23 percent of S&P 500 companies having reported results, 66.1 percent posted earnings that topped expectations, according to Thomson Reuters data, above the long-term average of 63 percent. More than 64 percent have beaten revenue forecasts, above the long-term average of 61 percent.
The Dow Jones industrial average rose 61.81 points or 0.36 percent, to end at 17,113.54. The S&P 500 gained 9.90 points or 0.50 percent, to 1,983.53. The Nasdaq Composite added 31.31 points or 0.71 percent, to 4,456.02.
The S&P 500 hit an intraday record high just above 1,986.