US stocks searched for direction on Tuesday as the Dow looked to snap a six-day losing streak. The Dow Jones Industrial Average edged higher in afternoon trading, climbing about 0.5%, or more than 150 points. Both the S&P 500 and tech-heavy Nasdaq Composite reversed earlier losses to rise about 0.3% and 0.5%, respectively. The moves come as bond yields remain at multi-month highs, coupled with rising tensions in the Middle East following Iran's weekend attacks on Israel.
Meanwhile, earnings reports flooded in before the bell. UnitedHealth shares added about 5% after the healthcare group beat quarterly profit estimates, even as it said it expects to take a $1.6 billion hit from a February cyberattack. Investors were also digesting more big bank results: Bank of America reported that first quarter profit dropped 18% year over year as a key revenue source weakened, while Morgan Stanley stock rose as it topped expectations.
Source: News Formal (newsformal.com)
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