Adidas Drops 2.4% After Dumping Ye

Dow rises 337 points as corporate earnings roll in
By Newser Editors and Wire Services
Posted Oct 25, 2022 3:43 PM CDT
Major Indexes Rise as Earnings Reports Roll In
A street light brightens a Wall Street sign outside the New York Stock Exchange.   (AP Photo/Bebeto Matthews, File)

Stocks closed higher on Wall Street, marking the third straight gain for the S&P 500. The benchmark hadn’t been able to string together more than two gains in a row since mid-September. The gains Tuesday came as the flow of company earnings reports stepped up. The S&P 500 rose 61.77 points, or 1.6%, to 3,859.11. The Dow Jones Industrial Average rose 337.12 points, or 1.1%, to 31,836.74. The Nasdaq rose 246.50 points, or 2.3%, to 11,199.12. Small-company stocks did even better. The Russell 2000 index of smaller companies rose 47.76 points, or 2.7%, to 1,796.16. Investors are focused on the latest round of earnings reports from some big companies, the AP reports. General Motors rose 4.8% after delivering solid results.

United Parcel Service initially rose, but then slipped 0.3% after the package delivery service beat Wall Street’s third-quarter earnings and revenue forecasts. Paint maker Sherwin-Williams jumped 3.6% after also reporting solid financial results. Packaging maker Crown Holdings fell 16.9% after its latest earnings fell short of estimates. Industrial conglomerate General Electric fell 0.6% after reporting weak third-quarter earnings. Many other big names are on deck to report earnings throughout the week. Google's parent company reports its results later Tuesday, along with Microsoft and Visa. Boeing, Ford, and Facebook's parent company will report results on Wednesday. Caterpillar, Apple, and Amazon are among the big companies reporting results on Thursday.

Outside of earnings, barbecue grill maker Weber soared 30.4% after it said BDT Capital Partners is interested in buying the rest of the company. Adidas fell 2.4% after the German sportswear company ended its partnership with the rapper formerly known as Kanye West over his offensive and antisemitic remarks. A measure of home prices released on Tuesday showed that the housing market continues to cool. The S&P CoreLogic Case-Shiller Index, which tracks prices in major cities, fell more than expected in August. The Fed’s aggressive interest rate increases have been making borrowing more expensive, in turn driving mortgage rates higher and crimping the broader housing market.

(Read more stock market stories.)

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