UPS Jumps 6.8% After Beating Forecasts

Dow, S&P 500 hit record highs
By Newser Editors and Wire Services
Posted Oct 26, 2021 3:56 PM CDT
Facebook Drops 3.9% After Weak Sales Forecast
Investors received encouraging economic updates on Tuesday.   (AP Photo/John Minchillo, file)

Stocks held on to modest gains on Wall Street Tuesday, pushing the S&P 500 and the Dow Jones Industrial Average further into record heights. The S&P 500 added 0.2% and the Dow edged up less than 0.1%. Solid earnings from several companies helped push stock prices higher. UPS jumped 6.8% after the package delivery service reported results that easily beat analysts' forecasts. Facebook fell 3.9% following a weak sales forecast and increasing scrutiny over its corporate practices. The yield on the 10-year Treasury note fell to 1.61%. The S&P 500 rose 8.31 points to 4,574.79. The Dow Jones Industrial Average rose 15.73 points to 35,756.88. The Nasdaq rose 9.01 points, or 0.1%, to 15,235.71.

Technology stocks did much of the heavy lifting for the broader market. Health care stocks and a mix of companies that rely on consumer spending for goods and services also made solid gains, the AP reports. Hasbro rose 3.7% after the maker of Transformers, My Little Pony, and other toys reported solid financial results. Stocks have been pushing broadly higher as companies turn in much stronger profit reports for the summer than analysts had expected. Investors received several encouraging economic updates on Tuesday. US consumer confidence rose in October after three straight declines as the public’s anxiety about the delta variant of the coronavirus appear to have abated. New home sales jumped 14% in September to the fastest pace in six months as strong demand helped offset rising prices.

Microsoft and Google’s parent company, Alphabet, will report their own results after the closing bell Tuesday. Investors still have a busy week of corporate earnings ahead. Boeing and Coca-Cola will report their results on Wednesday. General Motors and Ford will also release their results on Wednesday, which could help give investors a clearer picture of how the auto industry is dealing with supply chain problems, including a chip shortage that has been weighing on auto production. Apple and Amazon will report on Thursday (More stock market stories.)

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