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Wall Street firmly rebounded on Tuesday after some of the country’s biggest companies released a batch of strong earnings reports. The Dow Jones Industrial Average posted a gain of 547 points, having traded lower just one day earlier as investors digested global reactions to the disappearance of Saudi journalist Jamal Khashoggi and weighed the continued impact of trade tariffs.
The Dow had its best day since March, with Morgan Stanley up 5.7 percent by mid-afternoon Tuesday, and Goldman Sachs — reporting under new Chief Executive Officer David Solomon for the first time — surging by 3 percent.
United Health and Johnson & Johnson, major drivers of the blue-chip Dow, also contributed to its rally Tuesday after reporting robust quarterly profits and revising upwards their earnings outlook for the rest of the year.
Markets have been skittish over the past week over the rise of bond yields and concerns about stymied global growth after the International Monetary Fund warned that a more protectionist trade climate would make the world “poorer and more dangerous.”