FILE - The “Fearless Girl” statue stands in front of the New York Stock Exchange in New York, March 19, 2024. The S&P 500 was up 1.1% in afternoon trading to pull further out of the hole created by a six-day losing streak. The Dow Jones Industrial Average was up 240 points, or 0.6%, as of 12:24 p.m. Eastern time, and the Nasdaq composite was 1.5% higher.
A flood of earnings reports was also dictating much of trading. Danaher was one of the strongest forces lifting the S&P 500 after it reported stronger profit for the first quarter than analysts expected. It rose 7.2% after citing strength in its bioprocessing and molecular diagnostics businesses. Sherwin Williams sank 2% after it likewise missed expectations, in part because of weaker paint sales for new homes amid the industry’s challenges with high mortgage rates.
With skeptics still calling the broad stock market too expensive, criticism would ease either if companies produce higher profits or if interest rates fall. The latter has been looking less likely.
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