Corporate Giants Propel Wall Street to Merry Ascend
Wall Street danced to a jolly tune as Verizon and other corporate giants unveiled fatter summer profits than the market had dared to expect. The S&P 500 merrily ascended by 0.7% on a cheerful Tuesday, with the Dow joining the revelry, adding 204 points to the festivities. The Nasdaq composite, not to be outdone, merrily climbed 0.9%.
The rhythm of profit reports is quickening, and the market's fondest hope is that the companies nestled in the S&P 500 will declare their first year of growth in quite a while. Such vigor is akin to a lifebuoy for the stock market, which had been feeling the weight of lofty bond yields.
In a delightful twist, the 10-year Treasury yield decided to take a day off, a brief respite from reaching yet another 16-year high. Meanwhile, crude oil prices decided to perform a jolly tumble of their own.
Here's the merry breakdown from Tuesday's festivities:
- The S&P 500, wearing a grin from ear to ear, rose by 30.64 points, or 0.7%, reaching a jubilant 4,247.68.
- The Dow Jones Industrial Average was in high spirits, rising by 204.97 points, or 0.6%, reaching a merry 33,141.38.
- The Nasdaq composite was positively exuberant, rising by 121.55 points, or 0.9%, reaching a festive 13,139.87.
- The Russell 2000 index of smaller companies seemed equally joyous, rising by 13.62 points, or 0.8%, reaching a celebratory 1,679.50.
For the week, our financial revelry tells the following tale:
- The S&P 500 is up by 23.52 points, or 0.6%.
- The Dow, while not as spirited, is up by 14.10 points, a fraction of a point.
- The Nasdaq, the life of the party, is up by 156.07 points, or 1.2%.
- The Russell 2000, while taking a minor pause in the festivities, is down by 1.29 points, or 0.1%.
And now, a glance at our year-to-date jubilation:
- The S&P 500, ever the optimist, is up by 408.18 points, or 10.6%.
- The Dow, displaying a bit of shyness, is down by 5.87 points, scarcely 0.1%.
- The Nasdaq, the true star of the show, is up by a dazzling 2,673.39 points, or 25.5%.
- The Russell 2000, while momentarily reserved, is down by 81.74 points, or 4.6%.
Let the financial fête continue, and may the market's merriment be unceasing!