S&P 500, Dow Extend Rally to Six Days
U.S. stocks experienced an uptick on Tuesday, driven by optimistic reports regarding the impending finalization of a significant trade agreement and robust corporate earnings. The S&P 500 gained 0.58%, marking its sixth consecutive increase and achieving its longest winning streak since November. The Dow Jones Industrial Average rose by 300 points, or 0.75%, marking its most substantial run since July, while the Nasdaq Composite climbed 0.55%. Leading the Dow's charge were Honeywell, with a 5.4% increase, and Sherwin-Williams, up 4.9%, both reporting strong quarterly performance. Conversely, General Motors saw a decline of 1.1% after it canceled its share repurchase program and withdrew its forecast due to potential tariff implications. Amazon's stock remained relatively stable after clarifying that it would not introduce tariff surcharges. UPS saw a slight decline of 0.5%, despite surpassing earnings expectations and revealing plans to cut 20,000 jobs. Economically, the U.S. trade deficit in goods hit a record high, and consumer confidence waned, underscoring the mounting economic hurdles. Additionally, job openings in the U.S. amounted to 7.19 million in March, which fell short of expectations.
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