Dow jumps 278 points as earnings optimism overtakes economic growth concerns

Dow jumps 278 points as earnings optimism overtakes economic growth concerns

Lucas Jackson/Reuters

The Dow industrials shot up 278 points in a turnaround for US stocks on Tuesday.

10 of the S&P 500's 11 sectors advanced, fronted by energy and industrial issues.

The expected earnings growth rate for S&P 500 companies is headed toward 85.1%.

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US stocks finished higher Tuesday as companies turned in more earnings reports that outstripped expectations, helping the market overcome earlier weakness drawn from ongoing concerns that the spread of the coronavirus will hurt the economic recovery. The Dow Jones Industrial Average shot up by more than 250 points. The S&P 500's advance was led by gains in 10 of its 11 sectors, with energy, industrial and health care stocks up while the communications services sector lagged behind. Wall Street's major benchmarks each lost ground during the session then moved up. The indexes fell on Monday as a slowdown in the manufacturing sector stoked growth worries. "With quarterly earnings still coming in at a steady clip, along with a resurgence of COVID-related concerns (and an eye on what could be an interesting employment report to end the week), we've got all the makings of a choppy market," said JJ Kinahan, chief market strategist at TD Ameritrade, in a posting Tuesday. Here's where US indexes stood at 4:00 p.m. on Tuesday:
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