US stocks climb to best intraday levels in a month

(RTTNews) – Following the mixed performance observed during the previous session, the main US stock indexes rose during Tuesday’s session. With the bullish move, the major averages hit their best intraday levels in a month.

Currently, major averages are hovering near their best levels for the day. The Dow Jones is up 127.95 points or 0.4% to 35,386.56, the Nasdaq is up 55.96 points or 0.4% to 15,077.77 and the S&P 500 is up 21.28 points or 0.5% at 4,507.74.

Wall Street’s strength partly reflects a positive reaction to another batch of positive big corporate earnings news.

Insurance giant Travelers (TRV) rose significantly after releasing third-quarter results that beat analysts’ estimates in terms of results.

Johnson & Johnson (JNJ) shares also moved higher after the healthcare giant reported better-than-expected quarterly earnings and raised its guidance for the full year.

Meanwhile, consumer products giant Procter & Gamble (PG) fell as concerns about rising costs overshadow the firm’s strong quarterly results.

In American economic news, a report released by the Commerce Department showed an unexpected drop in new residential construction in the United States in September.

The Commerce Department said housing starts fell 1.6% to an annual rate of 1.555 million in September, from a revised rate of 1.580 million in August.

Economists expected housing starts to hit 1.620 million from the 1.615 million originally announced for the previous month.

The report also showed that building permits plunged 7.7% to an annual rate of 1.589 million from a revised rate of 1.721 million in August.

Building permits, an indicator of future housing demand, are expected to fall at a rate of 1.680 million from the 1.728 million initially announced for the previous month.

Pharmaceuticals stocks posted a strong bullish movement that day, with the NYSE Arca Pharmaceutical index rising 1.2%.

Utilities stocks are also seeing noticeable strength, while shares of airlines, oil services and steel have moved lower.

In overseas trading, stock markets in the Asia-Pacific region rose mainly during Tuesday’s session. Japan’s Nikkei 225 Index and the Shanghai China Composite Index both climbed 0.7%, while Hong Kong’s Hang Seng Index jumped 1.5%.

Meanwhile, major European markets show mixed performance that day. While the French CAC 40 index fell 0.3%, the UK FTSE 100 index is up 0.1% and the German DAX index is up 0.3%.

In the bond market, treasury bills suffered a further decline after closing the previous session slightly lower. As a result, the yield on the ten-year benchmark bond, which moves opposite its price, is up 3.3 basis points to 1.617%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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