New York Stock Exchanges Opened Higher on Tuesday
New York stock exchanges opened higher on Tuesday. Sentiment on Wall Street is positive as corona measures are relaxed in more and more countries.
Investors further processed quarterly reports from large companies such as 3M, Caterpillar and PepsiCo. They also keep an eye on oil prices.
The Dow-Jones index was 1.3 percent higher at 24,448 points a few minutes after opening. The broad-based S&P 500 was set 1.2 percent higher at 2913 points, and tech exchange Nasdaq rose 0.8 percent to 8795 points.
Industrial group 3M (plus 5.3 percent) announced that it would cut costs because of the corona crisis. The yields were higher. Due to the pandemic, there is a strong demand for some 3M products, including mouth masks and other personal safety products.
Caterpillar (minus 0.8) is also affected by the crisis. The maker of excavators, bulldozers, asphalt cutters and other large equipment, among other things, suffered considerably less profit on a substantially lower turnover.
In addition, the company warned that the second quarter would be even less. In turn, Harley-Davidson saw demand for motorcycles collapse as a result of the corona pandemic, but it also resumed production. The share rose by more than 15 percent
Snack and soft drink producer PepsiCo (plus 1.6 percent) expects to reward shareholders this year despite the uncertainties associated with the corona crisis.
The company known for, among others, Lays chips, Cheetos and Quaker Oats had a strong first quarter, in which sales were boosted. Parcel delivery company UPS (minus 4.4 percent) also showed revenue growth.
In the field of healthcare, in particular, the company had more work to do due to the new coronavirus. The pandemic saddled UPS with higher costs.