NEW YORK, Oct. 16 (Xinhua) -- U.S. stocks traded on an upbeat note on Tuesday as investors cheered the strong quarterly results from major U.S. companies.
At midday, the Dow Jones Industrial Average jumped 373.82 points, or 1.48 percent, to 25,624.37. The S&P 500 was up 41.85 points, or 1.52 percent, to 2,792.64. The Nasdaq Composite Index climbed 148.62 points, or 2.00 percent, to 7,579.36.
UnitedHealth and Visa were the best performers in the Dow. Shares of both companies advanced more than 3 percent around midday. All the 11 primary S&P 500 sectors traded higher, with technology and health up more than 2 percent, outperforming others. Adobe stock advanced 8.20 percent, leading the winners in the Nasdaq.
Shares of Morgan Stanley surged more than 4 percent after reporting stronger-than-expected earnings on Tuesday. Shares of Goldman Sachs rose about 1 percent at midday after the bank reported solid profits. Johnson & Johnson's earnings also beat estimates, sending the stock up 1.53 percent.
U.S. video-streaming giant Netflix is also expected to report after the bell Tuesday.
As the earnings season kicked off, investors hoped strong results would help recover from last week's steep sell-off.
Analysts polled by FactSet expect third-quarter S&P 500 earnings to have grown by 19 percent, according to CNBC.
On economic data, U.S. industrial production rose 0.3 percent in September, the Federal Reserve reported Tuesday. The reading beat market expectations of a 0.1-percent increase.
For the third quarter as a whole, industrial production advanced at a 3.3-percent annual rate, down from a 5.3 percent rate in the second quarter, said the filing. Enditem
