NEW YORK — Wall Street is rising Tuesday after Verizon, General Electric and other big companies reported fatter profits for the summer than expected.
General Electric rallied 6.2% after delivering better-than-expected earnings and raising its profit forecast for the year. Coca-Cola rose 3.2% after it said growth in Mexico, India and other markets helped drive it to better profit during the summer than analysts expected. The 10-year Treasury yield has been rising rapidly from less than 3.50% in the spring and catching up with the Federal Reserve’s main overnight interest rate, which is at its highest level since 2001. The Fed has yanked its federal funds rate above 5.25% in hopes of starving high inflation of its fuel, and it’s indicated plans to hold the rate at a high level for a while.
She said that if yields were to move much higher at a quick pace, it would risk hurting the Treasury market and shake the financial system’s stability. She said the Federal Reserve could step in to help the market like it did in March, when high interest rates helped cause three high-profile collapses of U.S. banks.
Strong recent reports have driven expectations for the U.S. economy’s growth in the third quarter of the year sharply higher. Economists at Goldman Sachs, for example, have raised their forecast for the quarter’s growth to 4.6% from just 1.5% in mid-August.
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