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The Dow Jones Industrial Average hit a new record on Tuesday as Goldman Sachs shares rose on stronger-than-forecast earnings
The 30-stock average improved 7.22 points on Monday’s all-time high to 27,366.38
The S&P 500 docked 5.15 points to 3,009.14
The NASDAQ Composite slid 16.65 points to 8,241.53
Goldman Sachs’s strong results were driven by the company’s investment banking and trading divisions. Goldman shares rose 2.3%. The stock’s gains, however, were offset by declines in J.P. Morgan Chase and Johnson & Johnson.
J.P. Morgan Chase fell 0.2% after lowering its 2019 outlook for net interest income. The forecast reduction overshadowed better-than-expected quarterly results.
Johnson & Johnson, meanwhile, fell 1.3% despite reporting a 42% profit surge in the previous quarter.
So far, just over 5% of S&P 500 companies have reported calendar second-quarter earnings. Of those companies, more than 85% have posted better-than-expected earnings.
Investors will welcome the strong start to the earnings season, but the outlook for corporate profits remains bleak. Analysts expect S&P 500 earnings to have fallen by 3% in the second quarter.
United Airlines and CSX are among the companies due to report after the bell Tuesday. Morgan Stanley, BlackRock, and American Express are scheduled to report earnings later this week.
Prices for the benchmark 10-year U.S. Treasury ducked, raising yields to 2.13% from Monday’s 2.09%. Treasury prices and yields move in opposite directions.
Oil prices eased two cents at $59.56 U.S. a barrel.
Gold prices slid $2.80 to $1,410.70 U.S. an ounce.
