The US stock market finished higher on Tuesday, buoyed by solid earnings announcements from big corporations. The Dow Jones Industrial Average gained 204.97 points, the S& P 500 gained 0.73%, and the Nasdaq Composite Index gained 0.93%.
After exceeding sales projections, Coca-Cola (NYSE: KO) increased its stock by 2.88%, while Spotify (NYSE: SPOT) increased its supply by more than 10% following good third-quarter results. Microsoft (NASDAQ: MSFT) also announced a 27% gain in net income, with Azure cloud revenue growth picking up after a two-year slowdown, resulting in a 5% increase in extended trading.
However, not many businesses were as fortunate. Despite excellent third-quarter earnings, General Motors (NYSE: GM) shares slumped 2.33% as the company lowered its full-year forecast due to union strike costs. Alphabet (NASDAQ: GOOGL) Inc., Google’s parent company, announced an 11% post-market revenue increase but suffered a fall in after-hours trading owing to poor cloud revenue.
Bitcoin’s price climbed to a 17-month high in the cryptocurrency market, recovering from Terra stablecoin-related losses amid hopes that US authorities may approve cryptocurrency-focused ETFs.
Investors are anticipating a November interest rate rise based on the incoming third-quarter consumer price index data. About 150 S& P 500 businesses are scheduled to report this week, with 23% already reporting and 77% surpassing forecasts.