Closing Bell: Stocks Surge on Strong Earnings Reports Across the Board

Stocks closed confidently higher Tuesday.

Author:: Kinsey Grant
Publish date:: Oct 24, 2017 4:28 PM EDT

Stocks pushed close to records on Tuesday as major players reported stronger-than-expected earnings across the board. The Dow Jones Industrial Average tallied its best single-day points gain since early September. The blue-chip index finished trading up about 0.8%. The S&P 500 and the Nasdaq also finished higher Tuesday.

Dow component 3M (MMM) - Get Report had a banner day, jumping as high as 6.3% near the market close. The company reported strong earnings of $2.33 per share that both beat last year's third quarter and topped analyst expectations. 3M also hiked its full year guidance to between $9 and $9.10 per share for 2017, up from between $8.80 and $9.05.

Shares of Biogen (BIIB) - Get Report were lower Tuesday after the pharmaceutical company reported slower-than-expected sales of its neuromuscular disorder drug Spinraza. The treatment was approved last year. Although global sales were ahead of estimates, U.S. sales flopped. Biogen's tough day weighed on other pharmaceutical stocks, bringing a large share of the sector down with it.

General Motors (GM) - Get Report served up a strong showing in the third quarter. The company reported earnings of $1.32 per share, which beat Wall Street's expectations. While revenue was lower year-over-year, it still exceeded forecasts. Most notably, GM said the third quarter was the first time in three years that all of its business segments were profitable.

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