NEW YORK — A mix of positive earnings and corporate news boosted stocks on Tuesday. Signs that Greece might be willing to broker a deal with its creditors also gave the market a lift.
Coca-Cola rose after the company reported a better-than-expected quarterly profit. General Motors gained after an activist investor said he would seek a seat on the company’s board and push for a stock buyback. Apple passed another milestone, becoming the first U.S. company to be valued at more than $700 billion.
The market slumped in January as the ongoing drop in oil prices hit energy stocks and amid worries about the prospects for global growth. Stocks have bounced back in February as energy stocks rose from their lows and on signs that the U.S. economy is maintaining its recovery. On Tuesday, stocks logged a solid gain even after a big drop in oil prices pushed the energy sector lower.
“The economic data is coming in OK, and when you delve into the big picture of the earnings reports, they’re not bad,” said Robert Pavlik, Chief Investment Strategist at Boston Private Wealth. “People want to be in the market when it starts to go back up.”
The Standard & Poor’s 500 index rose 21.85 points, or 1.1 percent, to 2,068.59. The Dow Jones industrial average gained 139.55 points, or 0.8 percent, to 17,868.76. The Nasdaq composite rose 61.63 points, or 1.3 percent, to 4,787.64.
Investors were encouraged by signs that a deal could be reached between Greece and its lenders. The nation’s new prime minister voiced confidence Monday that a compromise can be reached at high-stakes meetings in coming days.
