NEW YORK (AP) — Most of the U.S. stock market rose Tuesday following strong profit reports from Equifax, Hasbro and other companies, while oil prices eased back after nearing their highest levels since the war with Iran began.
The S&P 500 added 0.3%. The Dow Jones Industrial Average rallied 529 points, or 1%, while more swings for stocks in the artificial-intelligence industry sent the Nasdaq composite to a modest loss of less than 0.1%.
Stock prices tend to follow the path of corporate profits over the long term, and several companies delivered results for the latest quarter that were better than analysts expected. Big expectations for growth generally are what have allowed the U.S. stock market to hit records recently despite worries about high inflation, higher interest rates and other challenges weighing on Wall Street.
Equifax rallied 11.3% for one of the market’s biggest gains after reporting a bigger profit for the summer than analysts expected, despite high mortgage rates slowing some parts of its business.
Hasbro climbed 11.2% after the toy company said its “Magic: The Gathering” game made more than $600 million in revenue during a quarter for the first time. 3M rose 5.8% after the company behind Ace bandages and Scotch-Brite sponges likewise reported a stronger-than-expected profit, even as shoppers broadly feel discouraged by high inflation.