The Dow Jones Industrial Average rose on Tuesday, led by shares of JPMorgan Chase after the banking giant reported stronger-than-forecasted quarterly results. However, the broader market struggled as losses among major tech stocks mounted.
The 30-stock index climbed 300.69 points, or 1.2%, to 26,386.49, hitting its session high after Florida reported a 3.3% increase in coronavirus cases, which is below a seven-day average of 4.6%.
JPMorgan Chase rose more than 1% after posting earnings and revenue that beat analyst expectations. The bank’s strong results were driven in part by a 79% surge in trading revenues amid the market’s volatile swings in the second quarter. Strong trading revenues also led to better-than-expected results from Citigroup, but the stock dipped 1.8%.
Chevron and Exxon Mobil contributed to the Dow’s gains, jumping more than 2% each. Boeing, McDonald’s and Caterpillar were all up at least 1.9% as well.
The S&P 500 regained 15.11 points to 3,170.33
The tech-heavy NASDAQ regained strength, picking up 5.83 points to 10,396.67.
Facebook, Apple, Amazon and Netflix slid at least 0.7% each. Alphabet and Microsoft fell 1.1% each. Those losses added to a broad decline for Big Tech that started on Monday and evaporated a massive rally for the broader market.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.61% from Monday’s 0.63%. Treasury prices and yields move in opposite directions.
Oil prices resurfaced 24 cents to $40.34 U.S. a barrel.
Gold prices shed $1.40 to $1,812.70 U.S. an ounce.
