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Dow rises 198 points as strong third-quarter earnings roll in

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Dow rises 198 points as strong third-quarter earnings roll in
The Dow Jones Industrial Average gained 198 points on Tuesday as major companies such as Johnson & Johnson and the Traveler Companies reported better-than-expected earnings. File Photo by John Angelillo/UPI | License Photo

Oct. 19 (UPI) -- U.S. markets climbed on Tuesday amid a round of strong third-quarter earnings reports from major companies.

The Dow Jones Industrial Average gained 198.7 points, or 0.56%, while the S&P 500 climbed 0.74% and the Nasdaq Composite closed the day up 0.71%.

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Johnson & Johnson stock rose 2.35% and Traveler Companies gained 1.64% after both companies reported earnings that exceeded analysts' expectations.

Proctor & Gamble stock meanwhile fell 1.18% despite posting better-than-expected earnings as the company also noted the rising cost of materials and shipping prices, projecting it will see $2.3 billion in after-tax expenses within the fiscal year.

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After the bell, Netflix reported 4.4 million new paid subscribers in the quarter, surpassing its own forecast of 3.5 million. Shares rose 0.16% during normal trading and saw a 0.69% boost shortly after its earnings report.

Walmart stock also rose 2.12% after Goldman Sachs added the retailer to its conviction buy list, projecting the stock could rally by about 40%.

As of Tuesday morning, 82% of S&P 500 companies reported better-than-expected earnings.

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"The financials got earnings season off to another strong start, but let's be honest, COVID and supply chain issues aren't going to impact this group," said Ryan Detrick, chief market strategist at LPL Financial. "Now it gets very interesting to see what other industries will have to say about the health of the economic recovery."

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Tuesday also saw the launch of the first bitcoin-linked exchange-traded fund by ProShares launch on the New York Stock Exchange trading under the ticker symbol "BITO."

The fund closed the day up 4.85% at $41.94.

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