Stocks Closed Higher ahead of Earnings Season
- Tuesday, October 10, 2017, 16:53
- Stock Market
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U.S. stocks closed higher on Tuesday, as optimism appeared to grow ahead of the start of the earnings season. The Dow Jones Industrial Average rose 69.61 points, or 0.31%, to 22,830.68. The S&P 500 added 5.91 points, or 0.23%, to 2,550.64. The Nasdaq Composite gained 7.52 points, or 0.11%, to 6,587.25.
Crude-oil futures settled higher on Tuesday, as a pledge from Saudi Arabia to reduce monthly crude exports, talk of progress toward a balanced market from OPEC and a hurricane-induced slowdown in crude output lifted U.S. prices to their highest level in over a week. November West Texas Intermediate crude gained $1.34, or 2.7%, to settle at $50.92 a barrel. December Brent crude advanced 82 cents, or 1.5%, to end at $56.61 a barrel.
Third-quarter corporate reporting season kicks into high gear on Thursday with results from JPMorgan Chase and Citigroup . With the S&P 500 up 14 percent in 2017, investors are betting on strong earnings growth across the S&P 500.
Procter & Gamble Co (PG.N) said on Tuesday activist hedge fund manager Nelson Peltz lost his fight to win a seat on the company’s board, according to a preliminary tally of shareholder votes in the biggest and most expensive proxy contest ever.
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