U.S. stocks closed higher on Tuesday as investors digested a batch of corporate earnings reports and major economic data.
The Dow Jones Industrial Average rose 126.73 points, or 0.50 percent, to 25,628.91. The S&P 500 increased 8.05 points, or 0.28 percent, to 2858.45. The Nasdaq Composite Index rose 23.99 points, or 0.31 percent, to 7,883.66.
This earnings season has been stronger than analysts had expected.
Second-quarter earnings are expected to increase 23.5 percent from the same period last year. Excluding the energy sector, the earnings growth is estimated to decrease to 20.4 percent, according to Thomson Reuters.
Of the 500 companies in the S&P 500 that have reported earnings by Aug. 3, 78.6 percent have reported earnings above analysts' expectations. This is above the long-term average of 64 percent and above the prior four-quarter average of 75 percent.
The second-quarter blended revenue growth estimate is 9.2 percent. Excluding the energy sector, the revenue growth estimate declines to 8.0 percent.
Some 73 percent of companies have reported revenues above analysts' expectations. This is above the long-term average of 60 percent and above the prior four-quarter average of 72 percent.
On the economic front, the number of job openings stood at 6.7 million on the last business day of June, the Labor Department said on Tuesday, higher than analysts' expectations. Over the month, hires and separations experienced only a slight change at 5.7 million and 5.5 million, respectively.
The CBOE Volatility Index (VIX), Wall Street's favorite fear gauge in the market, fell to 10.52, its lowest level since Jan. 16, when it hit 10.40.
The Dow Jones Industrial Average rose 126.73 points, or 0.50 percent, to 25,628.91. The S&P 500 increased 8.05 points, or 0.28 percent, to 2858.45. The Nasdaq Composite Index rose 23.99 points, or 0.31 percent, to 7,883.66.
This earnings season has been stronger than analysts had expected.
Second-quarter earnings are expected to increase 23.5 percent from the same period last year. Excluding the energy sector, the earnings growth is estimated to decrease to 20.4 percent, according to Thomson Reuters.
Of the 500 companies in the S&P 500 that have reported earnings by Aug. 3, 78.6 percent have reported earnings above analysts' expectations. This is above the long-term average of 64 percent and above the prior four-quarter average of 75 percent.
The second-quarter blended revenue growth estimate is 9.2 percent. Excluding the energy sector, the revenue growth estimate declines to 8.0 percent.
Some 73 percent of companies have reported revenues above analysts' expectations. This is above the long-term average of 60 percent and above the prior four-quarter average of 72 percent.
On the economic front, the number of job openings stood at 6.7 million on the last business day of June, the Labor Department said on Tuesday, higher than analysts' expectations. Over the month, hires and separations experienced only a slight change at 5.7 million and 5.5 million, respectively.
The CBOE Volatility Index (VIX), Wall Street's favorite fear gauge in the market, fell to 10.52, its lowest level since Jan. 16, when it hit 10.40.
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