Frankfurt Hopes for further strong quarterly figures from US companies gave Wall Street a boost on Tuesday. The US standard value index Dow Jones closed 1.5 percent firmer at 34,911 points. The broad S&P 500 gained 1.7 percent to 4,462 points, while the tech-heavy Nasdaq climbed 2.2 percent to 13,619.
Thomas Hayes of Great Hill Capital said many investors went into this reporting season overly pessimistic. However, the fears did not materialize. So far, the 49 companies from the S&P 500 that have already presented quarterly figures have exceeded analysts’ expectations more often than average: almost 80 percent of these companies reported higher profits than predicted. The value is usually 66 percent.
“The past few months have been turbulent for stock markets,” wrote broker Oanda analyst Craig Erlam, referring to high inflation, the prospect of faster rate hikes, slower growth and the ongoing war in Ukraine.
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