U.S. stock market indexes advanced on Tuesday morning on strong quarterly results from Goldman Sachs GS, Morgan Stanley MS and Johnson & Johnson JNJ. The Dow Jones Industrial Average rose 1.31% to 25,581, the S&P 500 index gained 1.29% to 2,786 and the Nasdaq Composite Index rose 1.54% to 7,545.
Shares of BlackRock Inc. BLK fell more than 5% on Tuesday morning after the company posted third-quarter adjusted earnings of $7.52 per share on $3.58 billion in revenue, reflecting 2% year-over-year growth. The company beat earnings estimates by 71 cents, but revenue fell $60 million short of expectations.
“BlackRock’s third-quarter results highlight the resilience of our differentiated platform and our ability to generate organic growth, even in the face of significant industry headwinds," Chairman and CEO Laurence Fink said. "Our holistic, client-centric approach brings together our global product breadth, portfolio construction capabilities, digital tools and industry-leading technology, and positions us well to deliver long-term value to clients and shareholders”.
Moreover, the company's assets under management reached $6.4 trillion, up 8% year over year, including $28 billion of net assets added from strategic transactions. The operating income rose 1%, reflecting $42 million of transaction-related expenses.
During the quarter, the company repurchased $500 million worth of stock.
Gainers
Losers
- Autozone Inc. AZO
- Freeport-McMoRan Inc. FCX
- Chipotle Mexican Grill Inc. (CMG)
- Advance Auto Parts Inc. AAP
- Fastenal Co. (FAST)
World markets
The main European stock market indexes traded higher. The U.K.'s FTSE 100 gained 0.43%, France's CAC 40 jumped 1.53%, Germany's Dax climbed 1.4% and Spain's IBEX 35 rose 1.69%.
In Asia, Japan's Nikkei 225 jumped 1.25%, India’s BSE Sensex rose 0.85%, Hong Kong's Hang Seng advanced 0.07% and China's Shanghai Composite fell 0.85%.
Disclosure: The author holds no positions in any stocks mentioned.
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