Stocks marched higher in morning trading on Wall Street Tuesday after some of the nation's largest companies reported surprisingly good financial results.
Bond prices fell. The yield on the 10-year Treasury rose to 1.75% from 1.73% late Friday. Bond markets were closed Monday for Columbus Day. Banks continue their earnings reports on Wednesday with Bank of America and PNC Financial. Railroad giant CSX, Netflix and IBM will also report results on Wednesday.
The dire prediction could soften as more companies report earnings. Similar forecasts were made ahead of both the first and second quarter reporting periods and companies in the S&P 500 managed to deliver only a modest contraction each time.
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