Global Markets: US stocks end mixed amid earnings

Global Markets: US stocks closed mixed as Wall Street pored through a slew of earnings reports. On Tuesday, the Dow Jones Industrial Average rose 159.53 points, or 0.60 per cent, to 26,840.40. The S&P 500 was up 5.46 points, or 0.17 per cent, to 3,257.30. The Nasdaq Composite Index decreased 86.73 points, or 0.81 per cent, to 10,680.36, Xinhua news agency reported.

Seven of the 11 primary S&P 500 sectors finished higher, with energy soaring 6.15 per cent, leading the gainers. Technology slipped 1.06 per cent, the worst-performing group.

US-listed Chinese companies traded mostly higher, with seven of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on an upbeat note.

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On the earnings side, US beverage giant Coca-Cola on Tuesday said that its comparable earnings per share declined 33 per cent to 42 cents in the second quarter and its revenue also fell noticeably. Yet, the company expressed optimism on demand improvement as global lockdown eases. The stock closed up 2.34 per cent.

IBM shares struggled even after the company reported a better-than-anticipated second-quarter profit.

The earnings season kicked off last week with US bank giants reporting mixed results.

The estimated earnings decline for the S&P 500 is 43.8 per cent for the second quarter, according to data from FactSet as of early July.