A slew of earnings announcements from companies like Johnson & Johnson, Lockheed Martin, General Electric, 3M, Verizon, and American Express helped strengthen the Dow Jones Industrial Average. Consumer confidence and investors confidence find a link.
Despite Monday’s nearly historic price swing that left the major indices closing in the positive, the S&P 500 (SPX) and the Nasdaq Composite ($COMP) fell 1.22% and 2.28% respectively. On the other hand, Dow Jones Industrial Average ($DJI) was only slightly lower at 0.19%. The Dow appears to have been buoyed by half of its 30 companies reporting earnings Tuesday. Let’s look at a couple of these companies. American Express (AXP) was the biggest winner of Dow constituents, rallying 8.92% on better-than-expected earnings but falling short on the revenue estimate. AXP also boosted its forecasts after hitting a record in credit card spending. International Business Machines (IBM) wasn’t too far behind AXP because it rallied 5.65% on rising earnings from its cloud business that helped the company beat earnings and revenue estimates. Johnson & Johnson (JNJ) also helped boost the Dow by rising 2.86% on better-than-expected earnings and revenue. The company is still preparing to split into a consumer products company and a pharmaceutical company, and JNJ is busily preparing for the split. On the downside, Verizon (VZ) and 3M (MMM) both traded a little lower on the day, reporting better-than-expected earnings but falling short on revenues. VZ increased its forward earnings guidance, which also helped the stock rise 0.47% in premarket trading but fell back into the negative and closed 0.11% lower on the day. MMM contributed its success to its customer focus and the ability to manage supply chain issues, which led to the stock rallying 1.
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