Stocks finished higher Tuesday. The Dow jumped 431 points to 24874, while the S&P 500 gained 41 points to 2682. The Nasdaq Composite advanced 111 points to 7161.
The major averages pared losses from the previous session as positive corporate earnings updates buoyed investor sentiment. On the data front, a release from the Conference Board revealed U.S. consumer confidence reached the highest level since 2000 in October after the prior month’s reading was revised downwards. Separately, the S&P CoreLogic Case-Shiller 20-city home price index rose at the slowest rate since 2016 during the month of August.
All 11 S&P 500 sectors finished in positive territory. Communication Services was up the most as shares of Facebook rose 2.9% to $146.22. Consumer Staples also outperformed as Coca-Cola climbed 2.5% to $47.63 after the beverage-maker topped analyst earnings estimates. Semi-conductors rebounded from recent weakness as Intel advanced 5.2% to $47.76 and NVIDIA gained 9.4% to $203.00. In other earnings, General Electric tumbled 8.8% to $10.18 after the industrial conglomerate fell short of analyst projections and cut its dividend by 92% to $0.01. Under Armour surged 27.7% to $23.23 after the athletic apparel maker topped revenue forecasts.
Breadth was positive on issues by 7:3 on the NYSE and 11:5 on the Nasdaq. Composite NYSE Volume was more than 5.0 billion shares.
Treasuries were weaker with the yield on the 10-year note up three basis points to 3.11%. In commodities, WTI crude slipped 1.3% to $66.15/barrel. COMEX gold fell 0.2% at $1,225.10/ounce amid a stronger dollar.