NEW YORK - Wall Street advanced on Tuesday as third-quarter reporting season hit with a spate of upbeat earnings reports that brought buyers back to the equities market.
All three major U.S. stock averages gained ground in a broad-based rally, with the S&P 500 and the Nasdaq hitting their highest closing level in more than three weeks. “Positive earnings are flowing through equity markets today, suggesting that things weren’t as bad as investors thought,” said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis.
“We’ve been in a headline-driven market over the last few months,” Ripley added. “But we’ve had progress lately, which has allowed investors switch their focus to more fundamental things like earnings and upcoming economic data.” Adding to positive geopolitical developments, investors welcomed news that Britain and the European Union could reach a deal in time for a leaders’ summit this week.
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