U.S. stocks closed higher Tuesday, with the Nasdaq finishing above 8,000 for the first time in six months, as investors parsed a fresh batch of corporate earnings for clues on the broader economy.
What did major indexes do?
The Dow Jones Industrial Average DJIA, +0.26% rose 67.89 points, or 0.3%, to 26,452.66, while the S&P 500 index SPX, +0.05% gained 1.48 points to 2,907.06.
The Nasdaq Composite Index COMP, +0.30% climbed 24.21 points, or 0.3%, to 8,000.23, closing above the psychologically important 8,000-mark for the first time since Oct. 3.
What drove the market?
Investors pored over earnings reports released early Tuesday, with Bank of America Corp. BAC, +0.13% following on the lead of Goldman Sachs Group Inc. GS, +0.97% and Citigroup Inc. C, +2.86% , issuing earnings that failed to surpass analysts’ low expectations in the first quarter.
Dow component UnitedHealth Group Inc. UNH, -4.01% initially rose after it beat revenue and profit expectations for the first quarter while boosting its full-year outlook. But the stock quickly surrendered those gains on concerns over threats that new health-care reform measures, like “Medicare for All,” could significantly hurt health-insurance industry profits. The stock fell 4%.
Last Friday, presidential hopeful Sen. Bernie Sanders of Vermont called out UnitedHealthcare, a $180 billion division of UnitedHealth, CEO Steve Nelson by name in a tweet that linked to a Washington Post story on insurers working to pull Democrats away from Medicare for All.
Our message to Steve Nelson and UnitedHealthcare is simple: When we are in the White House your greed is going to end. We will end the disgrace of millions of people being