This post was originally published on this site
Investing.com — The S&P 500 rallied Tuesday, as better-than-expected quarterly results continued to support sentiment on stocks for the second-straight day.
The S&P 500 rose 1.4%, the Dow Jones Industrial Average gained 1.4% or 411 points, and the Nasdaq was up 1.3%.
Industrials led the broader-market climb after upbeat quarterly results from Lockheed Martin sparked a rally in other defense companies.
Lockheed Martin (NYSE:LMT) rallied more than 9% after its third-quarter earnings topped Wall Street estimates and the defense contractor boosted stock buyback plans.
Northrop Grumman (NYSE:NOC), L3Harris Technologies (NYSE:LHX), and Huntington Ingalls Industries (NYSE:HII) were more than 4% higher.
Goldman Sachs (NYSE:GS), meanwhile, climbed more than 2% after reporting blowout third-quarter earnings, underpinned by strong performance in its fixed-income trading division.
The Wall Street bank also confirmed plans to reorganize its business into three segments: asset and wealth management, global banking and markets, and platform solutions.
Hasbro (NASDAQ:HAS), however, fell 2% after the toymaker reported third-quarter earnings that fell short of estimates as bloated inventory and softer consumer demand weighed on performance.
Tech stocks continued to advance for the second day in a row, led by a 2% rise in Apple (NASDAQ:AAPL) after the tech giant launched new products including an Apple TV 4K and iPad Pro.
Salesforce (NYSE:CRM) rose 5% on reports that the activist investor Starboard Value took “significant” stake in the software maker.
Netflix (NASDAQ:NFLX) fell 1.1% ahead of its quarterly results due after the market closes,
Energy stocks were up more than 1% even as oil prices stumbled amid ongoing concerns about demand just as the U.S. is expected to ramp up the release of emergency oil supplies.
Marathon Petroleum (NYSE:MPC), Valero Energy (NYSE:VLO), and EOG Resources (NYSE:EOG) were up more than 2%.
“Biden is expected this week to announce the release of the remaining 14 million barrels of the 180 million barrels that have been earmarked so far,” Commerzbank said in a note.
