S&P 500 and Nasdaq rise on earnings and reassuring data
US stock markets just had a huge day: both the S&P 500 and Nasdaq posted their best monthly gains in years.
The jump came thanks to strong corporate earnings and some reassuring economic data, which helped calm worries about oil supply issues from global tensions.
As Paul Nolte, senior wealth adviser & market strategist at Murphy & Sylvest in Elmhurst, Illinois, put it, steady earnings and positive signals really boosted investor confidence.
Caterpillar and Eli Lilly lift Dow
Industrials like Caterpillar pushed the Dow higher, with Caterpillar hitting record highs as demand for construction equipment soared.
Eli Lilly's shares also climbed after a brighter profit outlook.
Meanwhile, the US economy grew by 2% early this year and jobless claims hit their lowest since 1969, a real throwback!
But inflation is still above 3% because of high energy prices, making things tricky for the Federal Reserve as it holds interest rates steady amid ongoing uncertainty.