Nasdaq, S&P 500 hit record-closing highs on upbeat earnings

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Nasdaq, S&P 500 hit record-closing highs on upbeat earnings

On Tuesday, the 23rd of April 2019, the Standard & Poor 500 alongside tech-heavy Nasdaq Composite witnessed their record closing highs after a flurry of upbeat earnings reports had driven a broad-based rally, while all three key indexes of Wall St.

had winded up the day higher, easing concerns of an imminent slowdown risk. Followed by a cluster of earnings reports of an upscale note, the benchmark S&P 500 trading index had obliterated all of its steep losses experienced during the last quarter of 2018, closing down the day just a notch shy of its intra-day record of 2,940.91 reached on September 21st.

In point of fact, the S&P 500 benchmark index had gained 17 percent this year so far, largely boosted by a dovish stance of Federal Reserve and hopes of resolving a nine-month-long tit-for-tat retaliatory tariff war with China alongside beginning of first quarterly earnings season at a strong note.

At the Tuesday’s (April 23rd) market closure, Dow Jones gained 0.55 percent to 26,656.39, and the S&P 500 index added 0.88 percent to 2,933.68, while the Nasdaq Composite soared 1.32 percent to 8,120.82. Addressing to an upbeat earnings report from Lockheed Martin Corp., Coca-Cola Co.

and United Technologies Corp., a chief investment officer at Wilmington Trust in Wilmington, Delaware, Tony Rich said, “Today was a very broadly representative day of the overall economy. That’s what’s driving the markets”.

Apart from that, multiple analysts were quoted saying following Tuesday’s (April 23rd) market wrap-up that the ongoing trend would likely to persist until the end of first quarterly earnings season.