- Krispy Kreme coming to Cape Girardeau (12/14/17)2
- Feds ask judge to impose $6.5 million punishment for Cape surgeon (12/7/17)9
- Light and music show: Jackson family goes high-tech with Christmas display (12/11/17)
- Former Wimpy's Drive-In owner Freeman Lewis dies (12/9/17)2
- Makeover at the movies: Transformation complete inside Cape theater (12/8/17)4
- Cape schools to get two new principals, assistant superintendent (12/13/17)1
- Pedestrian struck on Broadway (12/11/17)4
- Sugarfire Cape barbecue restaurant to open June 2018 (12/7/17)
Stocks soar on earnings by GM, Texas Instruments
NEW YORK -- Wall Street got the dose of good news it's been longing for Tuesday: better-than-expected earnings, and from two big companies, General Motors and Texas Instruments. Stocks surged -- the Dow industrials up more than 200 points and the Nasdaq composite index up better than 3 percent -- as investors' faith was renewed in an economic turnaround.
"The market is reflecting a better feeling about tech stocks and is also benefiting from strength in GM," said Alan Ackerman, executive vice president of Fahnestock & Co., although he warned that the market's enthusiasm likely won't last as more companies report first-quarter results, some of which are bound to disappoint investors.
The Dow Jones industrial average closed up 207.65, or 2.1 percent, at 10,301.32. It was the Dow's biggest one-day point gain since March 4.
Tuesday also saw the market's broader indicators rise sharply. The tech-focused Nasdaq climbed 61.39, or 3.5 percent, to 1,815.17 and the Standard & Poor's 500 index gained 25.56, or 2.3 percent, to 1,128.11.
GM, the strongest Dow industrial Tuesday, rose $2.95 to $64.05 after reporting first-quarter profits of $1.39 a share, 25 cents higher than analysts had forecast.
Texas Instruments climbed $1.66 to $33.79, having reported earnings late Monday of a penny a share, beating Wall Street's break-even estimates.
"We think we can say goodbye to the bottom," said Ron Slaymaker, the company's manager of investor relations.
Other gainers included Intel, up $1.34, and Johnson & Johnson, up $1.10.