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Stocks hit fresh records on Tuesday after the latest batch of earnings results impressed investors.
The Dow Jones gained 190.96 Tuesday to 47,735.55.
The S&P 500 index acquired 5.44 points to 6,880.60.
The NASDAQ gained 103.60 points to 23,741.06..
The S&P 500 in the previous session recorded its first-ever close above the 6,800 level, while the tech-heavy NASDAQ and Dow likewise closed at record highs.
Shares of United Parcel Service and Wayfair gained 7% and 23%, respectively, after their results for the third quarter both exceeded Wall Street’s expectations.
PayPal, which saw its latest quarterly results top analyst estimates on the top and bottom lines as well, increased 10% after the company reported that it has partnered with OpenAI to have its digital wallet embedded into ChatGPT, effectively allowing users to pay for items found through the artificial intelligence tool.
So far, the earnings season is off to a strong start. About one-third of S&P 500 companies have reported. Of those, 83% have beaten earnings expectations,
Amazon announced it will begin layoffs on Tuesday that will amount to the largest cuts to its workforce in the company’s history, adding to the slew of job cuts seen in the tech industry this year. Also on Tuesday, Apple and Microsoft shares crossed $4 trillion in value.
Prices for the 10-year Treasury inched up, lowering yields to 3.98% from Monday’s 3.99%. Treasury prices and yields move in opposite directions.
Oil prices ditched $1.38 to $59.93 U.S. a barrel.
Gold prices backtracked $45.80 to $3,973.30 U.S. an ounce.
