Wall Street close higher, powered by upbeat earnings, guidance

Third-quarter earnings season has shifted into high gear, and this week nearly a third of the companies in the S&P 500 are expected to post results. – AFPpicWall Street ended higher on Tuesday as a spate of solid corporate earnings and upbeat forecasts stoked investor risk appetite and sparked a broad rally.

The Dow Jones Industrial Average rose 204.97 points, or 0.62%, to 33,141.38, the S&P 500 gained 30.64 points, or 0.73%, to 4,247.68 and the Nasdaq Composite added 121.55 points, or 0.93%, to 13,139.88. “The earnings season is only now just getting into full swing with a third of the companies reporting this week,” said Thomas Martin, senior portfolio manager at Globalt in Atlanta. “Prior to yesterday and today, the earnings reports were a bit on the disappointing side, and so this was the first couple of days we’ve had some more upbeat and better earnings.”

Of the 11 major sectors in the S&P 500, utilities enjoyed the largest gain, while energy was the sole loser, weighed down by softening crude prices.

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