US stocks rose to records on Tuesday after several big companies delivered better-than-expected profits for the spring.
- The S&P 500 rose 35.98 points, or 0.6%, to 5,667.20 to top its all-time high set last week.
- The Dow Jones Industrial Average rose 742.76 points, or 1.8% to 40,954.48 a day after setting its own record.
- The Nasdaq composite rose 36.77 points, or 0.2%, to 18,509.34.
UnitedHealth Group reported stronger results for the spring than analysts expected, despite losses it took due to a massive cyberattack, the
AP reports. Its stock rose 6.5%, and the health care company reported growth in people served at both its Optum and UnitedHealth businesses.
Bank of America rallied 5.3% after it likewise reported stronger profit for the latest quarter than forecast. It benefited from growth at its investment banking business. They helped offset drops for a handful of influential Big Tech stocks, whose massive sizes give their movements an outsized effect on indexes. Nvidia, for example, was the heaviest single weight on the S&P 500 after falling 1.6%.
Smaller stocks jumped amid a widespread rally. The Russell 2000 index of smaller stocks jumped 3.5%, more than five times the S&P 500's gain. A report showed sales at US retailers held firmer than expected, but that didn't dampen expectations for coming cuts to interest rates. Traders are still betting on a 98% probability that the Fed will cut its main interest rate in September, according to data from CME Group. A month ago, they saw a 70% chance. (More stock market stories.)
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