NEW YORK — U.S. stocks rose to records after several big companies delivered better-than-expected profits for the spring. The S&P 500 climbed 0.6% Tuesday to top its all-time high set last week. The Dow Jones Industrial Average leaped 1.8% a day after setting its own record, and the Nasdaq composite added 0.2%.
Bank of America rallied 5.5% after it likewise reported stronger profit for the latest quarter than forecast. It benefited from growth at its investment banking business. Plus, some market watchers have been hoping for just such a broadening out of the stock market's performance, because a market with many stocks rising is seen as healthier than one driven by just a few, dominant stocks.
Several big winners from the day before, which benefited from heightened expectations for former President Donald Trump to retake the White House, gave back some of their immediate jumps following Trump's dodging of an assassination attempt over the weekend. The yield on the 10-year Treasury sank to 4.17% from 4.23% late Monday. It’s fallen from 4.70% in April, which is a major move for the bond market and has given a solid boost to stock prices.
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