Wall Street is rallying Tuesday toward its best day in weeks as more reports pour in on how much profit companies made during the spring.
The S&P 500 jumped 2.2% after a powerful tide carried all but 2% of the stocks in the index higher. The Dow Jones Industrial Average was up 592 points, or 1.9%, at 31,664, as of 1 p.m. Eastern time, and the Nasdaq composite roared 2.5% higher.
Stocks had dropped roughly 20% this year on worries about rising interest rates and high inflation, which puts an even brighter spotlight than usual on how much profit companies are making. If earnings hold up, it would provide a major support for markets. But if CEOs warn about troubles ahead, another tumble may be on the way.
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