April 20th, 2010
07:50 PM ET

Stocks rise, oil prices break losing streak

A look at highlights from the day's business news:

Stocks rise on earnings

A surge in energy prices and better-than-expected profit reports from Goldman Sachs and others helped stocks Tuesday.

The Dow Jones industrial average added 25 points, or 0.2 percent. The S&P 500 index gained 10 points, or 0.8 percent. The Nasdaq composite gained 20 points, or 0.8 percent.

After the close, Apple reported quarterly sales and earnings that easily trounced expectations, thanks to strong sales of its iPods and iPhones. The company also issued a current-quarter profit forecast that surpasses analysts' estimates. Shares gained nearly 6 percent in extended-hours trading.

Also after the close, Yahoo reported higher quarterly earnings that topped estimates and higher quarterly sales that missed estimates. Shares fell nearly 4 percent in extended-hours trading.

Stocks seesawed Tuesday morning as investors mulled Goldman Sachs' improved earnings and analysts grilled the firm over SEC charges that it defrauded investors in a deal involving the marketing of subprime mortgages.

But stocks turned higher as investors focused on better-than-expected reports from Coca-Cola, Johnson & Johnson and others, as well as a rally in energy, mining and metal prices and stocks.

Dollar mixed on earnings news

The dollar was mixed Tuesday as investors welcomed strong quarterly results from Goldman Sachs but remained wary about fiscal challenges facing Greece.

What prices are doing: The dollar rose 0.3 percent versus the euro to $1.3443 and slipped 0.2 percent against the U.K. pound at $1.5371. Against the Japanese yen, the dollar gained 0.8 percent to ¥93.15.       

What's moving the market: With no economic reports out Tuesday, investors were focused mainly on corporate earnings and global stock markets.

Treasurys little changed on stock market gains

Other than an upward blip in the 30-year bond, Treasurys were little changed Tuesday as bonds investors hold back on a day offering no major economic reports.

What prices are doing: The benchmark 10-year note inched up 2/32 to 98-27/32, pushing the yield down to 3.8 percent. The 30-year bond rose 13/32 to 99-9/32, and its yield fell to 4.67 percent.

Bond prices and yields move in opposite directions.

Meanwhile, prices fell on shorter term Treasurys .The 2-year note slipped 1/32 to 99-22/32 with a 1.02 percent yield. The 5-year note fell 2/32 to 99-27/32 with a yield of 2.54 percent.

What's moving the market: The stock market welcomed good news from Goldman Sachs, which despite facing fraud charges, posted a stronger-than-expected profit of $3.5 billion in its latest quarter

Oil prices break 3-day losing streak

Oil prices rose Tuesday for the first time in three days as strong corporate earnings reports dampened worries over the Goldman fraud case.

What prices are doing: The contract for June crude oil delivery - the most actively traded Tuesday - rose 72 cents to settle at $83.85 a barrel. The May contract, which expires Tuesday, rose $2.00 to settle at $83.45 a barrel. 

Prices had meandered within a tight range for weeks before the fraud charges against Goldman Sachs helped send them down 3 percent on Friday.

Although prices were down more than 1 percent in the past week, to their lowest levels since early March, crude prices were still 60 percent higher than a year ago.

What's moving the market: Late Tuesday, a published report said the SEC's vote to charge Goldman Sachs was split, seemingly along party lines, and signaled that the case may not be as strong as many in the industry feared.

CNNMoney.com reporters Chavon Sutton, Annalyn Censky, Ben Rooney and Alexandra Twin contributed to this report.

Filed under: Economy
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