Newzstock market is rising Tuesday following strong profit reports for Equifax, Hasbro and other companies, while oil prices ease back after nearing their highest levels since the war with Iran began.The S&P 500 added 0.4%. The Dow Jones Industrial Average was up 518 points, or 1%, as of 11:45 a.m. Eastern time, while more swings for the artificial-intelligence industry had the Nasdaq composite up a more modest 0.2%.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 11.6% 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 6.1% after the toy company said its “Magic: The Gathering” game made more than $600 million during a quarter for the first time. 3M rose 5.1% 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.Stocks also got a lift after the price for a barrel of Brent crude erased an early gain to fall 1% to $108.43.
Earlier in the morning, it got near $112 and approached its highest price since the war with Iran began in late February.The drop in oil prices will relieve some of the pressure on inflation, if it lasts. Brent's price has been yo-yoing between $97 and $112 per barrel this month on uncertainty about when the energy industry will return to normal.For now, airlines and other companies with big fuel bills enjoyed the benefit of Tuesday's drop. American Airlines rallied 5.1%, and United Airlines flew 3% higher.Another winner was Braze, a customer engagement platform.
Its stock soared 50.9% to $45.32 after Salesforce said it would buy the company for $47.50 in cash for each share. Salesforce fell 1.4%.Keeping the market in check was General Motors, which sank 6.5% despite reporting a bigger profit than analysts expected. It also announced a program to send up to $20 billion to investors by buying back its stock.The press…
stock market is rising Tuesday following reports showing strong profits for Equifax, Hasbro and other companies during the summer, while oil prices eased back after nearing their highest levels since the war with Iran began.The S&P 500 climbed 0.6%. The Dow Jones Industrial Average was up 667 points, or 1.3%, as of 10:45 a.m. Hasbro's overall profit blew past analysts' expectations, and it raised its forecasts for revenue growth and an important measure of profitability this year.Halliburton added 0.8% after reporting profit and revenue that were bigger than analysts expected.
CEO Jeff Miller said that the work to restore production and rebuild inventories following “one of the largest energy disruptions in history” will drive demand for its oilfield services.In the oil market, the price for a barrel of Brent crude erased an early gain to fall 2.5% to $106.78. American Airlines jumped 7.1%, and United Airlines flew 5.3% higher.Another winner was Braze, a customer engagemen…
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