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Stocks rise thanks to strong earnings reports

April 23, 2013|By Walter Hamilton
  • Traders work on the floor of the New York Stock Exchange.
Traders work on the floor of the New York Stock Exchange. (Mary Altaffer / Associated…)

Stocks got off to a strong start Tuesday despite a batch of dispiriting global economic data.

As of 7:15 a.m. PDT, the Dow Jones industrial average jumped 119.83 points, or 0.8%, to 14,687. The gain gave hope to market bulls after last week’s sharp drop in stock prices stoked talk that the market was poised for a more extended setback.

The market was driven by solid earnings reports from companies such as Netflix, Travelers and United Technologies. Investors also were buoyed by encouraging news on home sales and prices and on U.S. manufacturing.

That compared with the generally gloomy picture overseas, where manufacturing numbers from Germany and China were disquieting. Stocks slumped in China, but share prices rose across much of Europe on speculation that governments may ease back on their self-imposed austerity measures in the face of continuing economic weakness.

In the U.S., the stock market was led by Netflix, which surged 22% after the company’s blockbuster earnings report late Monday. Even shares of Apple Inc. rose, up 0.6% early Tuesday.

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