The S&P 500 index ended the day on Tuesday at its highest level since Feb. 1 as Alphabet’s results reinforced expectations of a strong earnings season. Alphabet
Googles’ shares touched a record high of $1,275.00 after the online search company’s quarterly results surpassed Wall Street estimates. The shares closed up 3.9 percent at $1,258.15. The so-called FANG stocks were higher as well. Shares of Facebook and Amazon were up 1.8 percent and 1.5 percent, respectively. Both companies report earnings later this week.
So far in 2018, the Nasdaq has climbed 13.6 percent, more than twice the 5.5 percent gain of the S&P 500. Some investors said the Nasdaq’s reversal indicated some profit-taking resulting from lingering concerns over trade issues.
Agriculture-related stocks gained on news that the Trump administration plans to announce aid for farmers to help protect them from potential impacts related to the trade war between the United States and other countries.
Deere rose 3.2 percent, while shares of Caterpillar advanced 1.2 percent. AGCO Corp was up 0.6 percent.
Harley-Davidson managed a gain of 7.7 percent after its earnings exceeded estimates and the company forecast a lower-than-expected hit to margins from tariffs.
Whirlpool fell 14.5 percent to a more than two-year low after reporting weak results for the quarter, while at the same time cutting its full-year forecasts.
Shares of Biogen rose 4.1 percent and Eli Lilly rose 5.0 percent after the companies reported strong results. Biogen shares hit their highest level in three years, while Lilly shares jumped to their highest level since 2000.
Approximately 6.57 billion shares changed hands on the major domestic equity exchanges, as compared to the 6.1 billion average over the last 20 trading days.