Stock market today: Wall Street rises after corporate profits top forecasts and oil prices sink more

The pace is picking up for profit reports, and the hope is that companies in the S&P 500 will report their first growth in a year. Such strength is crucial for the stock market, which has slumped under the weight of higher bond yields. The 10-year Treasury yield slipped a day after reaching another 16-year high. Crude oil prices tumbled again.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.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Wall Street drifts lower as pressure rises from the bond marketNEW YORK (AP) — Wall Street is drifting lower in early trading as pressure from the bond market continues to build. The S&P 500 was down 0.5% early Monday. The Dow lost 171 points, and the Nasdaq composite was off 0.6%.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street opens higher as pace picks up for corporate profitsNEW YORK (AP) — Stocks are opening higher on Wall Street after Coca Cola, General Electric and other big companies reported fatter profits for the summer than expected. The S&P 500 was 0.
Source: SooToday - 🏆 8. / 85 Read more »

Spotify earnings preview: Wall Street focused on improving margins amid profitability pushSpotify will report earnings before the bell on Tuesday. Here's what to expect.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Microsoft Q1 earnings preview: Wall Street looks for signs of AI-powered growthMicrosoft will report its Q1 earnings after the bell on Thursday, as investors look for signs that its AI investments are paying off.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Wall Street analysts on impact of rising yields on stocksSeveral Wall Street analysts, including Morgan Stanley's Mike Wilson and RBC Capital Markets' Lori Calvasina, published notes illustrating stock market risks...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »