NEW YORK (AP) — Most of Wall Street is rising Tuesday, even as stocks of computer chipmakers continue to tumble worldwide. Oil prices, meanwhile, are easing further from the two-month high they hit last week.
The S&P 500 rose 0.3% in midday trading, but the modest move masked big swings underneath the surface. The Dow Jones Industrial Average was up 567 points, or 1.1%, as of 11:30 a.m. Eastern time. The Nasdaq composite, which is full of AI stocks, was down 0.1% after briefly dropping 9.3% below its record set last month.
The majority of the U.S. market rose after more companies delivered stronger profits for the spring than analysts expected. Coca-Cola climbed 6.1% after its revenue rose 7% despite what CEO Henrique Braun called “a dynamic consumer landscape.”
Sherwin-Williams rallied 8.1%, and Illinois Tool Works rose 4.4% after both likewise reported stronger earnings for the latest quarter than analysts expected. Stock prices generally follow the trend of corporate profits over the long term, and expectations are high for this most recent round with the U.S. stock market still near its all-time high.