Stocks Recover from Early Slide
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Hemera/Thinkstock(NEW YORK) — The markets shook off an early session slump, brought on by disappointing corporate earnings reports.
The Dow Jones Industrial Average closed up 21.05 points at 14,839.80. The Nasdaq Composite added 21.77 points to finish the session at 3,328.79. The S&P 500 gained 3.96 points, closing at an all-time high of 1,597.57.
Tuesday’s close marked the fifth straight month of advancement for the Dow, while the S&P notched six months of gains.
First quarter results for Pfizer and US Steel fell short of analysts predictions, according to earnings data released Tuesday. Aetna’s earnings topped expectations.
Tech stocks led the S&P higher, with Apple shares climbing nearly three percent, or $12.66, to $442.78. The iPhone maker prepared Tuesday to sell $17 billion of bonds, an attempt to return $100 billion to shareholders by 2015.
We’re feeling a little better about the economy. The Conference Board, a private research firm, says a brightening job picture pushed its April Consumer Confidence Index up to 68.1, from 61.9 in March. That’s still well below the 90 reading that would indicate a healthy economy, a level not seen since before the recession.
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