(By Salman - iStockAnalyst Writer)
US stocks finished with gains on Tuesday as better-than-expected corporate earnings boosted recovery hopes.
The Dow Jones Industrial Average climbed 82.60 points or 0.90% to finish at 9,217.94. The S&P 500 added 9.94 points or 1.01% to end at 989.67. The Nasdaq Composite rose 28.08 points or 1.30% to 1,955.92.
According to U.S. Department of Labor, U.S. producer prices dropped 0.9% in July while core producer prices declined 0.1% in the month. Economists expected a drop of 0.3% in PPI, and a 0.1% increase in the core PPI.
A Department of Commerce release on Tuesday showed housing starts fell 1% in July to seasonally adjusted annual rate of 581,000. Building Permits rose 5.8% to annual rate of 458,000. Economists had projected Housing Starts to increase to an annual rate of 599,000 and building permits to rise to 577,000 in July.
Financials finished with solid gains. American Express Co. (NYSE: ) jumped 51 cents or 4.28% to $36.69. Bank of America Corp. (NYSE: ) rose 34 cents or 2.05% to $16.90. JP Morgan (NYSE: ) rallied 97 cents or 2.38% to $41.70.
Shares of Alcoa Inc. (NYSE: ), the largest US aluminum maker, surged 51 cents or 4.11% to $12.92.
Equipment maker Caterpillar Inc. (NYSE: ) soared $1.16 or 2.64% to close at $45.11.
Shares of General Electric (NYSE: ) gained 23 cents or 1.72% to $13.59.
Early on Tuesday, Home Depot Inc.
