Stocks closed higher on Wall Street Tuesday, getting February off to a decent start after a miserable January. The S&P 500, the Nasdaq composite, and the Dow Jones Industrial Average all rose. Nearly all of the gains came in the last hour after the market spent most of the day waffling between gains and losses, the AP reports. Strength in energy companies and banks helped outweigh weakness in other parts of the markets. The S&P 500 rose 30.99 points, or 0.7%, to 4,546.54. The Dow rose 273.38 points, or 0.8%, to 35,405.24. The Nasdaq rose 106.12 points, or 0.7%, to 14,346.
UPS surged 14.1% after the package delivery service reported far better results than analysts were expecting. Rival FedEx rose 2.5%. Technology stocks were among the biggest weights on the market Tuesday. The sector has been particularly sensitive to concerns about rising interest rates this year. Higher interest rates tend to make pricey growth stocks, like big tech companies, less attractive for investors. Microsoft fell 2.2%. Energy stocks made solid gains, led by a 6.4% rise from Exxon Mobil after the company reported a surprisingly good profit in its fourth quarter as demand for oil continues to improve. Banks also gained ground as bond yields rose.
The yield on the 10-year Treasury, which is used to set rates on home mortgages and many other kinds of loans, rose to 1.80% from 1.77% late Monday. Investors are reviewing the latest round of earnings, in part to to see how inflation, the pandemic, and other factors are impacting businesses and their operations moving forward. Google's parent, Alphabet, will report financial results along with General Motors and Starbucks after the market closes Tuesday. Facebook's parent, Meta Platforms, will report results on Wednesday, while Amazon and Ford will report their results on Thursday.
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