- Wall Street’s main indexes rose on Tuesday after upbeat earnings from big U.S. banks and Halliburton, while investors awaited a speech from U.S. Treasury Secretary nominee Janet Yellen that is expected to advocate hefty fiscal spending.
Bank of America also topped fourth-quarter profit estimates and joined JPMorgan, Citigroup Inc and Wells Fargo & Co in releasing some cash reserves to cover for coronavirus-driven loan losses, underscoring its confidence in the economy. Earnings for S&P 500 companies are likely to decline 7.8% in the fourth quarter of 2020 from a year ago, but are expected to rebound in 2021, with a gain of 16.7% forecast for the first quarter, according to IBES data from Refinitiv.
President-elect Joe Biden, who will be sworn into office on Wednesday, outlined a $1.9 trillion stimulus package proposal last week to jump-start the economy. At 9:32 a.m. ET, the Dow Jones Industrial Average rose 227.19 points, or 0.74%, to 31,041.45, the S&P 500 gained 29.87 points, or 0.79%, to 3,798.12 and the Nasdaq Composite gained 133.96 points, or 1.03%, to 13,132.46.
Halliburton Co rose 2.7% after it posted a better-than-expected fourth-quarter profit, buoyed by cost cuts and a recovery in demand for oilfield equipment and services after last year’s industry slump.
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