Stocks Rise, Propel Dow Above 8,000
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NEW YORK (AP) _ Powered by a batch of surprisingly good earnings reports, stocks barreled higher in early trading Tuesday and lifted the Dow Jones industrials back above 8,000.
In the opening minutes of trading, the Dow was up 207.81, or 2.6 percent, at 8,085.21. If the gains held, it would be the blue chips’ fourth straight advancing session.
The Dow last closed above 8,000 on Sept. 18 when it stood at 8,172.45.
Citigroup and Johnson & Johnson were among the companies reporting better than expected earnings Tuesday.
Broader market indicators also posted healthy gains. The Nasdaq composite index rose 47.37, or 3.9 percent, to 1,267.90, while the Standard & Poor’s 500 index was up 20.88 at 862.32.
Investors were pleased by the solid third-quarter earnings being reported Tuesday, especially after they spent weeks hearing from companies that warned of disappointing results.
General Motors’ better-than-expected earnings also fed Tuesday’s buying.