NEW YORK — U.S. stocks rallied for a second straight day Tuesday to blunt the blow of what’s been a rough April.A weaker-than-expected report on U.S. business activity helped support the market, which remains in an awkward phase. The hope on Wall Street is for the economy to avoid a severe recession, but not to stay so hot that it keeps upward pressure on inflation.
GE Aerospace flew 8.3% higher after it raised its profit forecast for the full year, in addition to beating expectations for first-quarter earnings. JetBlue Airways lost 18.8% despite topping expectations for the latest quarter. Its forecasts for upcoming revenue came up short of what some analysts expected, and it said competition in Latin America could weigh on its results.
Several had been leading the recent decline for the broader market, which saw the S&P 500 fall as much as 5.5% in April. “This underscores the importance of earnings in the next two weeks, which will be dominated by the Mag7, and the risk that disappointing results may accelerate the sell-off,” according to Barclays strategists led by Stefano Pascale and Anshul Gupta.
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