Wall Street rises, boosted by results from Goldman Sachs and Lockheed

US stocks closed higher for the second day in a row on Tuesday, as strong quarterly results from Goldman Sachs y Lockheed Martin Concerns about a weak earnings season eased.

The S&P 500 gained 42.03 points, or 1.14%, to 3,719.98 points; Meanwhile he Nasdaq Composite added 96.60 points, or 0.90%, to 10,772.4 units. The Dow Jones Industrial Average added 337.98 points, or 1.12%, to 30,523.8 points.

The actions of Goldman Sachs Group Inc. rose after reporting a smaller-than-expected drop in quarterly profit as a rise in net interest income cushioned the blow from a slowdown in investment banking.

The investment bank, which is reorganizing its business into three units, largely closed out earnings from major financial firms on a mostly positive note, despite several lenders raising loan-loss provisions in anticipation of tough times ahead. are coming.

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Lockheed Martin soared after the arms maker posted stronger-than-expected quarterly earnings and maintained its 2022 earnings outlook. The gains helped boost the industrial index S&P as the best performer of the top 11 sectors.

“The banks were good … we’ll see if some of the others, more consumer-sensitive, can pass on their cost increases, if they’ve stopped passing them, but yeah, people expect better,” said Joe Saluzzi, co -trading manager at Themis Trading in Chatham, New Jersey.

Analysts now expect quarterly earnings growth for companies in the S&P 500 down just 2.8% from a year earlier, well below the 11.1% increase expected in early July, according to Refinitiv data.

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