Wall St. closed higher after solid corporate earnings release

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US stocks closed higher on Tuesday after large companies joined the release of better-than-expected earnings reports, which somewhat eased concerns that higher inflation and US central bank monetary tightening could hurt corporate results. .

The S&P 500 index closed 2.76% higher at 3,936.69. The Dow Jones rose 2.43% to 31,827.05 points. The Nasdaq Composite Technology Index rose 3.11% to 11,713.15.

The S&P 500 had its biggest close since June 9. The Nasdaq marked the biggest daily percentage gain since June 24.

Halliburton shares rose 2.1% after the oilfield service provider posted a 41% increase in quarterly adjusted profit. Toymaker Hasbro Inc rose 0.7% after reporting better-than-expected quarterly profit.

Rising inflation at the next meeting of the Federal Reserve this month pushed interest rates in the markets up 1 percent until some policymakers indicated a 0.75 percentage point adjustment was more likely.

“The macroeconomic landscape hasn’t changed,” said Paul Kim, CEO of Simplify Asset Management in New York. “We still have lower leverage, higher inflationary pressures, and a tighter Fed. So over the long term, I don’t think that kind of rally has the potential to last.”

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About the author: Sarah Gracie

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