US stocks rose on Tuesday amid a flurry of positive earnings reports, continued fiscal stimulus negotiations, and the DOJ filing an anti-trust suit against Alphabet.House Speaker Nancy Pelosi’s 48 hour deadline for a stimulus deal is fast approaching, but progress is being made in negotiations as differences are being settled.Strong earnings reports were released from companies like Proctor & Gamble, which posted its strongest organic sales growth since 2005.The Department of Justice filed an anti-trust lawsuit against Alphabet on Tuesday, which could lead to years of litigation and a potential breakup of the search giant.Watch major indexes update live here.
US stocks climbed on Tuesday as investors weighed a series of strong earnings reports and new stimulus developments against Google antitrust proceedings.
A strong earnings report from Logitech showed that the work-from-home trend is still boosting demand for its computer accessories business, as well as a surge in online gaming. Elsewhere, Proctor & Gamble reported earnings that beat analyst estimates, posting its best organic sales growth since 2005.
Investors are also continuing to hold out hope for a fiscal stimulus deal to be agreed upon prior to the November 3 Presidential Election. House Speaker Nancy Pelosi’s 48-hour deadline to strike a deal is fast approaching, but differences between her and Treasury Secretary Steve Mnuchin are being ironed out, giving hope to some for a potential deal to be reached.
Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Tuesday:
S&P 500: 3,447.97, up TK%Dow Jones industrial average: 28,363.66, up 0.6% (168 points)Nasdaq composite: 11,531.32, up 0.5%
In the tech space, the Department of Justice filed an anti-trust lawsuit against Google parent Alphabet, accusing the company of abusing its leadership in the online search field. The anti-trust lawsuit could lead to years of litigation and a potential breakup of the company. Alphabet shares rose 1% in early trading.
Gold fell as much as 0.5%, to $1,894.74 per ounce.
Oil traded lower. West Texas Intermediate crude fell as much as 1.4%, to $40.25 per barrel. Brent crude, oil’s international benchmark, fell 1%, to $42.19 per barrel, at intraday lows.
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