US Close 17 Oct 18: Better than expected earnings fuel a surge for US stocks

US sharemarkets rallied on Tuesday after the release of strong quarterly earnings results. Banks Morgan Stanley (+5.7%) and Goldman Sachs' (+3.0%) profits beat market expectations. BlackRock's (-4.4%) earnings beat estimates, but sales disappointed. Health care companies Johnson & Johnson (+2.0%) and UnitedHealth (+4.7%) also posted better-than-expected earnings. However, retailer Walmart (+2.1%) slashed its fiscal 2019 earnings forecast due its Flipkart acquisition. The Dow Jones rose by 547 points or 2.2%. The S&P500 index rose by 2.2% and the Nasdaq index rose by 214 points or 2.9%.

 

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