NEW YORK (AP) — Another round of improved earnings reports and higher energy prices lifted the stock market.
The Dow Jones industrial average rose 25 points to close at 11,117.06, points.
Investors set aside some concerns Tuesday about a potential overhaul of financial regulation and civil fraud charges levied against Goldman Sachs. Traders are instead focusing on earnings reports, including from Goldman Sachs itself.
Goldman Sachs reported a better-than-expected first-quarter profit of $3.3 billion. The Wall Street giant continues to post big earnings because of strong trading revenue. A recovery in stocks, bonds and other investments has preceded a broader rebound in the economy. The stock slipped in morning trading.
Investors looking to lock in profits sold some of the companies that posted stronger earnings. Still, the tone of earnings reports offered investors more signs that the economy is rebounding. Apple Inc. and Yahoo Inc. are scheduled to report quarterly results after the closing bell Tuesday.
Bill Stone, chief investment strategist at PNC Wealth Management in Philadelphia, said the market climbed with little break ahead of the earnings reports so a slowdown isn’t unexpected now that earnings are starting to arrive. “We got paid ahead for this earnings period,” he said.
Higher prices for crude oil lifted energy stocks including Exxon Mobil Corp. and Chevron Corp., both components of the Dow.
The market has been rising for 13 months and in the last two months the gains have been steady. Investors are expecting that a gradual recovery in the economy will mean higher corporate profits.
Four stocks rose for every one that fell on the New York Stock Exchange, where volume came to 568 million shares, compared with 635 million traded at the same point Monday.
Bond prices were mixed. The yield on the benchmark 10-year Treasury note rose to 3.81 percent from 3.80 percent late Monday.