US Stocks Mostly Higher; Dow Turns Negative

U.S. stocks mostly climbed on Tuesday as Wall Street resumed business after a long holiday weekend, with investors welcoming earnings from companies including Delta Air Lines and Verizon Communications.

Corporate results so far have been mixed. “We still want to see it driven by revenue numbers increasing, but we are still seeing cost cutting” and other management moves keeping earnings in line, said Ian Kerrigan, a JP Morgan Private Bank investment specialist in Seattle.

Shares of Dow Chemical jumped on news Dan Loeb’s Third Point had taken a $1.3 billion stake in the company, and was calling for a strategic review.

Delta Airlines advanced to all-time highs after the carrier posted fourth-quarter results that beat expectations.

Verizon fell after the telecommunications company reported fourth-quarter results.

Name

Price

Change

%Change

DJIA

Dow Jones Industrial Average

16414.83

-43.73

-0.27%

S&P 500

S&P 500 Index

1840.46

1.76

0.10%

NASDAQ

Nasdaq Composite Index

4209.69

12.11

0.29%

The Dow Jones Industrial Average fell 0.3 percent.

After coming within points of its record high of 1,850.84 hit last week, the S&P 500scaled back its gains, lately up 0.2 percent.

After hitting a more-than 13-year high, the Nasdaq also trimmed its advanced, up 0.4 percent.

The 10-year Treasury note rose basis 1 point to 2.833 percent, and the U.S. dollar edged lower against other global currencies.

U.S. stocks mostly fell on Friday, but the Dow Jones Industrial Average managed to post its first weekly gain of the year, as Wall Street gauged a reduced outlook from United Parcel Service and earnings from corporations including General Electric and Morgan Stanley.

Source: CNBC

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