Tuesday early trade: Indexes climb ahead of Amazon, Alphabet earnings

NEW YORK: US stock indexes rose on Tuesday, building on the previous session’s momentum, as investors anticipated strong results from Amazon and Google-parent Alphabet while also looking for signs of progress on a pandemic relief package.

Alphabet, which will report the cost and operating profit of its Google Cloud business for the first time, added 1.8%, while retail behemoth Amazon.com Inc rose 1.6%.

Shares of both the companies, set to report their fourth-quarter earnings after market close, were among the top boosts to the S&P 500. The NYSE FANG+TM index firmed 1%.

Investors are gauging outlooks from big corporations to justify elevated stock market valuations, at a time when concerns over a raging pandemic and new coronavirus variants have triggered fears of a short-term pullback in markets.

Ten of the 11 major S&P sectors advanced, with economy linked energy, financial and industrials gaining the most.

At 9:49 a.m. ET the Dow Jones Industrial Average rose 383.72 points, or 1.27%, to 30,595.63, the S&P 500 gained 48.81 points, or 1.29%, to 3,822.67 and the Nasdaq Composite gained 182.88 points, or 1.36%, to 13,586.28.