Tuesday's Stock Surge Signals Resilience And Promise In The S&P 500 As Tesla Prepares To Reveal Earnings That Could Propel Markets To New Heights

Author: Zaheer Anwari | April 24, 2024 11:21am

• On Tuesday, the U.S. stock markets experienced widespread gains, with the Nasdaq leading by increasing 1.5%, followed by a 1.2% rise in the S&P 500.
• Tesla's upcoming earnings report was highly anticipated due to its significant influence on the S&P 500.
• Over the past year, the S&P 500 has increased by 21%.

Tuesday was a standout day for the U.S. stock markets, with gains seen across the board. Leading the pack was the Nasdaq, which rose by 1.5%, closely followed by the S&P 500 (NYSE:SPY), which made a gain of 1.2%.

There was a lot of interest in Tesla's much-anticipated earnings report, due after market close. With its significant market cap, Tesla's performance has a magnified impact on the S&P 500 index. Positive earnings could help the S&P 500 to resume its bullish trend.

Companies including Spotify, General Electric, and General Motors also announced earnings that pleasantly surprised the market. Particularly striking was General Motors, whose stock jumped over 4% in response to its earnings, indicating a vote of confidence from investors.

Throughout the year, the S&P 500 index's journey has been a turbulent ride, marked by significant resilience and long-term growth. After a peak of 10.6% for 2024, a 5.9% dip that followed could have resulted in further declines.

However, the index found its footing again, thanks in large part to the psychological zone provided by the $5000 level, enabling it to climb 2.3% from this support area.

This level is now seen as a sturdy base, potentially setting the stage for a rebound to its record high of $5264 on March 28th, 2024.

The S&P 500 has experienced a 21% increase in the past year, indicating that the market is not merely surviving but set to thrive.

After the closing bell on Tuesday, April 23, the index closed at $5070.56, trading up by 1.21%.

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Posted In: SPY