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Technology stocks jumped Tuesday, leading the way to a third consecutive day of advances after the release of better-than-expected earnings reports for key companies.
The Dow Jones Industrial Average rose 337.12 points, or 1.07%, to close at 31,836.74. The S&P 500 rose 61.79 points, or 1.63%, to 3,859.13, and the Nasdaq Composite gained 246.50 points, or 2.25%, to 11,199.12.
FactSet Research Systems reported that 72% of companies that have reported third-quarter earnings have exceeded analysts’ expectations. General Motors (GM) and Coca Cola (COKE) each beat expectations on Tuesday.
AT&T (T), Lockheed Martin (LMT) and American Airlines (AAL) exceeded analysts’ forecasts, along with Bank of America (BAC), Bank of New York Mellon (BK) and Goldman Sachs (GS).
Meta Platforms (META) and Microsoft (MSFT) are reporting Wednesday after the close of trading. Amazon (AMZN) and Apple (AAPL) are scheduled to report earnings on Thursday.
The surging stock market and positive earnings reports come amid continued concerns over inflation, which is at a 40-year high. The Federal Reserve is expected to hike interest rates 0.75% in November to stifle inflation. It would be the fourth consecutive increase at that rate and seventh overall this year, indicating that inflation remains the central bank’s top concern.
“Inflation is the single biggest issue we all have to tackle right now,” John Waldron, Goldman Sachs’ president and chief operating officer, told CNBC.
Some of the tech stocks that made gains Tuesday included Twitter (TWTR), which closed at $52.58, up $1.33, or 2.58%. Qualcomm’s (QCOM) price of shares rose $2.79, or 2.40%, to close at $119.17.
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