Publications
Partners
New York - US stocks finished mixed on Tuesday following a round of mostly solid corporate earnings as the market shifted from a three-day slump.
The Dow Jones Industrial Average dipped 5.88 points (0.04%) to 16 315.19.
The broad-based S&P 500 gained 2.96 (0.16%) to 1 877.70, while the tech-rich Nasdaq Composite Index rose a more robust 13.52 (0.32%) to 4 227.17
US stocks were pummelled in the prior three sessions, with the S&P 500 losing nearly 5% during that period on rising global growth fears.
Analysts said the market was primed for a shift on the belief that stocks were oversold in the short run.
Dow member JPMorgan Chase, the biggest US bank by assets, dropped 0.3% as third-quarter earnings of $1.36 per share missed analyst expectations by 2 cents on mixed results across business units.
Citigroup rose 3.2% as third-quarter earnings came in at $1.15 per share, 3c above analyst estimates following a nearly 10% rise in revenues. The bank is ending consumer banking in 11 markets, including Japan.
Wells Fargo, another giant bank, reported a 2.0% rise in earnings to $5.4bn in results that met expectations. Shares fell 2.7%.
Dow member Johnson & Johnson fell 2.1% despite the health care-products firm's third-quarter earnings of $1.66 per share, well above the $1.44 projected by analysts.
Energy stocks were bruised by a nearly 5% fall in US oil prices.
Dow member Chevron slid 2.0%, ConocoPhillips fell 2.8% and oil services company Schlumberger lost 2.2%.
Airline stocks, which have suffered on concerns about the spread of the Ebola virus, rallied. American Airlines soared 10.3%, while Delta Air Lines shot up 6.1%.
The bond market, which was closed Monday for a holiday, rallied sharply as investors sought their relative safety amid rising global growth concerns, pushing yields up to their highest levels in more than a year.
The yield on the 10-year US Treasury fell to 2.21%t from 2.31% on Friday, its lowest point since June 2013.
The 30-year bond's yield declined to 2.96% from 3.04%, crossing below 3.0% for the first time since May 2013.
