U.S. stocks rose on Tuesday after switching direction multiple times during the session, as investors tracked the price of oil and fourth-quarter earnings from corporations including Johnson & Johnson.
“To some extent, investors feel adrift. They took a measure of assurance from the Federal Reserve’s guarantee through quantitative easing, and now that that’s gone, there are a lot more agitated about the underlying dynamics,” Bruce McCain, chief investment strategist at Key Private Bank, said of the market’s volatility.
Johnson & Johnson fell after the health-products supplier reported international sales fell about 7 percent in the fourth quarter; Halliburton rose after the oilfield-services supplier reported a quarterly profit that beat estimates ; Delta Air Lines climbed after the carrier posted earnings above estimates; Morgan Stanley dropped after the brokerage tallied earnings below expectations, and FXCM slid after the currency brokerage detailed its rescue loan from Leucadia National.
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