The S&P 500 SPX +0.52% was 11 points, or 0.6%, higher at 1,880.59. The benchmark index is about 10 points off its record close. The Dow Jones Industrial AverageDJIA +0.60% jumped 108 points, or 0.7%, to 16,556.97. The Nasdaq Composite gained 35 points, or 0.9%, to 4,109.71.
Overall, earnings have been much higher than expected, beating vastly lowered expectations.After the sell offs in the momentum stocks, markets are much more balanced now and fundamentals are driving the markets.
In earnings news, Sprint Corp. shares rallied 9.7% after the company posted a smaller-than-expected loss in the first quarter.
Merck & Co. rose 3% after it reported higher-than-expected earnings. The company is leading gainer on the Dow Industrials.Coach Inc. shares fell 8.8% after the luxury-goods retailer reported weak North American sales.Shares of Archer Daniels Midland Co. dropped 3.5% after the company’s first-quarter profit and sales missed analysts’ forecasts.Shares of Amicus Therapeutics Inc. soared 22% to $2.25 after the company announced positive data in a study of a drug to treat patients with Fabry disease.
Twitter is scheduled to report results after the close.After the close today, Twitter Inc.and eBay Inc. are scheduled to report quarterly results. Twitter shares are sharply higher ahead of earnings, rising 3.9%.
Gogo Inc. shares slid 22% after AT&T Inc. said Monday it would launch in-flight, high-speed Internet service on airlines, competing with the company. The slide triggered the short-sale circuit breaker on the Nasdaq OMX exchange.
In other financial markets, most metals declined, while oil prices advanced.