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- Strong earnings reports helped end this year's longest losing streak for stocks.
- Microsoft and Alphabet will release their quarterly earnings after markets close.
- Crude oil fell on Tuesday, while Treasury yields continued to ease.
US stocks snapped this year's longest losing streak on Tuesday, as earnings reports continued to top expectations.
Leading market names included Spotify and Verizon, whose third-quarter results boosted their shares by nearly 10%. Likewise, General Electric, Coca-Cola, and 3M also popped up on strong earnings.
Investors are also awaiting Big Tech reports later in the day, with Microsoft and Google parent Alphabet set to announce after the closing bell. Meta and Amazon will follow later in the week.
Meanwhile, oil prices fell from recent highs, with Brent crude slipping further away from the $90-per-barrel mark.
Treasury yields also pared down from earlier highs, as the 10-year yield slipped to around 4.8%, dropping further away from the 5% threshold it crossed on Monday.
Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:
- S&P 500: 4,247.68, up 0.73%
- Dow Jones Industrial Average: 33,141.38, up 0.62% (204.97 points)
- Nasdaq Composite: 13,139.88, up 0.93%
Here's what else happened today:
- Bitcoin touched $35,000, the highest since May 2022, as ETF optimism grew.
- Chinese authorities will boost stimulus offers through new sovereign debt and budget adjustments.
- JPMorgan's Jamie Dimon slammed central banks for previous "dead wrong" forecasts, and warned against definitive predictions.
- Stocks aren't pricing in upcoming "macro damage," BlackRock said.
- Stocks tend to hit a bottom in late October, before surging on a seasonal rally, Ned Davis Research said.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil dropped 1.6% to $83.67 a barrel. Brent crude, the international benchmark, shed 2.1% to $87.92 a barrel.
- Gold stayed essentially flat at $1,973.75 per ounce.
- The 10-year Treasury yield slipped 1.9 basis points to 4.819% on Thursday.
- Bitcoin rose 2.4% to $33,728.7.