Wall Street gains as healthcare stocks rally and oil prices fall
SPY•U.S. stocks rose, with the Dow up 1.22%, the S&P 500 up 0.70% and the Nasdaq up 0.59% as healthcare shares hit a record high and oil prices eased. Healthcare gained 1.8%, while energy led sector losses.
1. Stocks extend rebound
Wall Street’s main indexes climbed Tuesday, extending Monday’s rebound after last week’s technology-led selloff. Brent crude fell 1.3%, reversing course after reaching a near five-month high earlier in the day. Healthcare stocks rose 1.8% and financials gained 1%; energy led losses, while Meta Platforms fell about 2%.
2. Company moves
General Motors fell 5.3% after forecasting full-year earnings below analysts’ expectations. 3M rose 5.3% after expanding its data-center partnership with Amazon, issuing an Amazon subsidiary a warrant to purchase more than $521 million of 3M stock, and raising its full-year profit forecast. Equifax gained 9.6% after reporting third-quarter profit above estimates.
3. Investors watch earnings
Investors were watching corporate earnings for signs of whether companies can sustain growth amid macroeconomic risks. Results from SpaceX and Netflix were due after Tuesday’s market close, with Meta Platforms and Tesla scheduled to report Wednesday.
