Business Standard

US Market rallies ahead of big earnings and data


US stock market finished the session in positive territory on Monday, 22 April 2024, as bargain buying resumed across the sectors after market selloff in last week. Easing worries about Middle East tensions helped underpin sentiment.
Investors awaited a slew of key U.S. economic data this week, including reports on new home sales, durable goods orders and personal income and spending. Earnings season also starts to pick up steam this week, with Tesla, Boeing, IBM, Caterpillar, Honeywell, Alphabet, Intel, Microsoft, Chevron and Exxon Mobil among the companies due to report their quarterly results.
At closing bell, the Dow Jones Industrial Average index was up 253.58 points, or 0.67%, to 38,239.98. The S&P500 index advanced 43.37 points, or 0.87%, to 5,010.60. The tech-heavy Nasdaq Composite index increased by 169.30 points, or 1.11%, to 15,451.31.
All 11 S&P500 sectors closed higher along with S&P500 index, with information technology was top performing sector, rising 1.28%, followed by financial (up 1.2%) utilities (up 0.96%), and consumer staples (up 0.94%) sectors.
Among individual stocks, Verizon ended 4.7% down after the company announced weak profit and slightly higher revenues in its first quarter, and maintained its fiscal 2024 earnings outlook. For 2024, Verizon continues to expect adjusted earnings per share of $4.50 to $4.70.
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First Published: Apr 23 2024 | 9:13 AM IST

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