U.S. stocks mostly advanced on Tuesday, with the S&P 500 and Nasdaq Composite halting their worst three-day rout since 2011, with the energy sector slammed along with the price of oil, as investors considered earnings from banking powerhouses JPMorgan Chase, Citigroup and Wells Fargo and waiting to hear from Intel.
“Today was a transition day, it was important to show some sort of a gain after a strong start. But what you’re seeing is fear about the Fed going away at the end of the month, this is a lot about trying to see true valuations of these stocks,” said JJ Kinahan, chief strategist at TD Ameritrade.
JPMorgan Chase edged lower after reporting earnings that missed and revenue that beat estimates; Citigroup rose after topping expectations on both the top and bottom lines; Wells Fargo declined after matching profit estimates and reporting revenue just above expectations. Johnson & Johnson erased gains that came after with the diversified health-care company’s earnings.
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