U.S. stocks rally as earnings season continues

Source: Xinhua| 2019-02-06 05:43:48|Editor: Mu Xuequan
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NEW YORK, Feb. 5 (Xinhua) -- U.S. stocks rose on Tuesday as Wall Street cheered a slew of upbeat corporate results amid the ongoing earnings season.

The Dow Jones Industrial Average rose 172.15 points, or 0.68 percent, to 25,411.52. The S&P 500 increased 12.83 points, or 0.47 percent, to 2,737.70. The Nasdaq Composite Index was up 54.55 points, or 0.74 percent, to 7,402.08.

Dow's triple-digit gains were led by rallying Boeing shares. The stock advanced 3.32 percent to 410.18 U.S. dollars apiece at the close.

Eight of the 11 primary S&P 500 sectors closed higher, as both consumer discretionary and communication services gained more than 0.9 percent, outperforming the rest.

Shares of Estee Lauder soared 11.64 percent. The U.S. beauty products company on Tuesday reported stronger-than-expected fiscal second-quarter earnings and raised its full-year outlook. Adjusted earnings for the company came to 1.86 dollars per share, well above analyst consensus of 1.55 dollar a piece surveyed by the FactSet.

Shares of Google-parent Alphabet closed 1.16 percent higher, reversing earlier losses. The U.S. tech giant delivered better-than-expected earnings after Monday's close. However, the company also revealed declining advertising prices and rising costs.

Entertainment giant The Walt Disney company reported earnings and revenue both topped estimates, sending the stock up about 2 percent in afterhours trading.

Nearly half of S&P 500 companies have reported earnings so far, with about 70 percent of those companies topping analyst expectations, according to CNBC while citing The Earnings Scout.

On the economic front, U.S. non-manufacturing index slipped to 56.7 in January from 58 in December, the Institute for Supply Management said on Tuesday. The reading missed market consensus.

Wall Street is also expecting U.S. President Donald Trump's State of the Union address, which is scheduled to take place Tuesday night.