S&P 500 scales new high on upbeat corporate earnings
By Devik Jain and Medha Singh
Reuters
(Reuters) - U.S. stocks rose on Tuesday with the S&P 500 hitting another record high as positive earnings updates from a slew of companies including Dow components 3M and Johnson & Johnson supported sentiment.
Johnson & Johnson rose 3.6% after the drugmaker forecast 2021 profit above estimates and promised data from its widely watched coronavirus vaccine trial soon.
3M Co, which makes N95 face masks and Post-it notes, added 2.5% after it reported a better-than expected quarterly profit helped by lower costs and higher demand for its healthcare products during the pandemic.
Wall St. ticks higher on upbeat corporate earnings
By Devik Jain and Medha Singh
Reuters
(Reuters) - U.S. stocks rose in choppy trading on Tuesday, with the S&P 500 scaling a new peak after a batch of upbeat earnings updates including Johnson & Johnson s strong profit forecast and 3M s quarterly profit beat.
J&J added 3%, and was the top gainer on the Dow, as the drugmaker also said it expected to report eagerly awaited COVID-19 vaccine data early next week.
3M Co climbed 3.1% as it benefited from lower costs and demand for disposable respirator masks, hand sanitizers and safety glasses amid a surge in coronavirus infections.
Oil Extends Gains In Cautious Trade
WASHINGTON (dpa-AFX) - Oil prices edged higher on Tuesday to extend gains from the previous session amid expectations of a drop in crude supplies and bullish news coming from the OPEC front.
The upside was capped by rising coronavirus cases and renewed concerns over the passage of a U.S. stimulus package.
Brent crude for April settlement rose 17 cents, or 0.3 percent, to $55.85 a barrel, while U.S. crude futures were up 22 cents, or 0.4 percent, at $52.99 a barrel. Both contracts gained around 1 percent in the previous session.
Tanker tracker Petro-Logistics stated on Monday that the Organization of the Petroleum Exporting Countries (OPEC) and its allies compliance with crude output curbs is averaging 85 percent in January so far compared to 75 percent in December.
Washington [US], January 26 (ANI): US President Joe Biden on Monday (local time) said former President Donald Trump's impeachment trial in the US senate "has to happen."