Equities Market Recap: Stocks Higher on Earnings Reports

Brittney Barrett |

U.S. stocks regained some of Monday’s losses today as positive earnings helped gave investors greater confidence to buy.

The Dow Jones Industrial Average climbed 65.16 points or 0.53 percent to 12266.75. The Standard & Poor's 500 tacked on 7.48 points, or 0.57 percent to 1312.62 while the Nasdaq Composite added 9.59 points, or 0.35 percent to 2744.97.

Yesterday, a credit downgrade to a negative outlook on the U.S. government’s present AAA score caused shares to plummet. Today, the sentiment appeared adjusted as shares of Johnson & Johnson (NYSE: JNJ), up 3.7 percent. Energy was also higher with oil over $108 a barrel pushing Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) up close to a full percentage point.

Banks pulled the market lower; however. Earnings exceeded expectations at big banks like Goldman Sachs despite being significantly lower than the year ago quarter, but questions surrounding strength of the gains and the bank’s ability to maintain them led investors to other areas of the market.

Financial stocks were mixed as a number of big banks reported earnings. Goldman Sachs Group's (NYSE: GS) first-quarter earnings and revenue easily topped forecasts, but concerns arose about the sustainability of its gains. Goldman fell 1.3% as investors interpreted discussions of regulatory uncertainty to mean fewer money making options on the horizon. Earnings for a number of other banks fell alongside Goldman including Northern Trust (NASDAQ:NTRS)which slid 5.3 percent on unimpressive first-quarter profits.  Bank of New York Mellon was down 2.9 percent.

Other banks had better days including J.P Morgan (NYSE: JPM), closing up 1.6 percent and Citigroup (NYSE: C), which was 2.5 percent higher for the day.

 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
ENSV Enservco Corporation 0.53 -0.00 -0.02 77,618

Comments

Emerging Growth

New Age Farm Inc.

New Age Farm Inc is engaged in the development of the agriculture based business in Langley, British Columbia.

Private Markets

WayBetter

The spark hit Jamie when he saw co-workers competing to lose weight. Instead of pizzas and subs, they were eating salads and jogging along the river. Some were sneakily leaving…

Cloudera

Cloudera offers enterprises a new data platform built on the Apache Hadoop open-source software package. Hadoop is a data-management platform that can consolidate data in a single repository for comprehensive…