Wall Street is rising Tuesday after Verizon, General Electric and other big companies reported fatter profits for the summer than expected.
The S&P 500 was 0.8% higher in midday trading and on track to break a five-day losing streak. The Dow Jones Industrial Average was up 258 points, or 0.8%, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.9% higher.
The pace is picking up for companies to report their results for the summer, with more than 30% of companies in the S&P 500 on the schedule for this week. The broad hope is for S&P 500 companies to report the first growth in earnings per share in a year. High yields hurt prices for stocks, cryptocurrencies and other investments. They also slow the economy bluntly and add stress for the entire financial system.
To be sure, even if overnight interest rates and Treasury yields climb no further, they’re still high enough that some investors are worried they’ll eventually drag the economy into a recession if the Fed holds pat. A preliminary report on Tuesday said business activity is strengthening in October by more than economists expected. The report from S&P Global indicated demand for manufacturers improved for the first time since April.
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