. The S&P 500 rose 1.6% and the Dow Jones Industrial Average rose 1.5%. The tech-heavy Nasdaq shook off an early loss and added 2.2%. Health care giant Johnson & Johnson rose 3.1% after reporting better-than-expected results and raising its dividend. Energy companies fell along with prices for crude oil and natural gas. Banks rose as Treasury yields continued to climb, which allows banks to charge higher interest rates on loans. The yield on the 10-year Treasury note rose to 2.94%.
Technology stocks helped power the broad gains. Pricey valuations for many of the bigger technology companies give them more sway in directing the broader market higher or lower. Microsoft rose 1.7%.rose 3.2% after reporting surprisingly good earnings while also raising its dividend. Smaller company stocks outpaced the broader market in a sign of confidence about economic growth. The Russell 2000 rose 2%.
Wall Street is increasingly focusing on the latest round of corporate report cards as more big companies release their earnings. Signature Bank jumped 8.3% after beating analysts' expectations.
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