US stocks rose on Tuesday as positive results from Twitter, Coca-Cola, and a slew of other industrial companies calmed investors concerns over an earnings recession.
The S&P is hovering above record levels as Twitter Inc surged 27%, blowing past a nine-month high after beating forecasts in revenue amid an unexpected rise in monthly active users.
Coca-Cola Co is up 9.7% also after it too reported better than expected sales.
Profits for S&P 500 companies are forecasted to drop 1.7% in the first quarter, potentially marking the first revenue contraction since 2016. However, forecasts have improved in April.
At 13:39 ET the Dow Jones Industrial Average was up 157.21 (0.59%) to 26668.26.
At 13:59 ET, the Nasdaq Composite was up 98.6 (+1.23%) at 8113.90 while the S&P 500 was up 24.52 (+0.84%) to 2932.49.
Industrial stocks were further boosted by United Technologies Corp and Lockheed Martin Corp after both companies beat first-quarter revenue estimates and subsequently increased their 2019 revenue forecasts.
Elsewhere, Walt Disney Co hit a new 52 weeks high today ahead of the highly anticipated “Avengers: Endgame” movie scheduled to hit theaters around the world on Wednesday.
