U.S. stocks rose, giving the Standard & Poor’s 500 Index a third straight day of gains, as the start of corporate earnings season fueled increased optimism about growth in the world’s largest economy.
Alcoa Inc. (AA) increased 1.4 percent before the biggest U.S. aluminum producer reported results after the market closed. The stock added 1.3 percent in extended trading after earnings beat analysts’ estimates.
The S&P 500 (SPX) added 0.5 percent to 1,640.46 at 4 p.m. inNew York, the highest since June 18. The Dow Jones Industrial Average rose 88.85 points, or 0.6 percent, to 15,224.69.
Investors will gain more insight into the central bank’s plans when the Federal Open Market Committee publishes minutes from its June meeting on July 10.
Alcoa rose 1.4 percent to $7.92 before becoming the first Dow member to report results after the market closed. The stock added another 1.3 percent at 4:30 p.m. in New York after second-quarter earnings beat analysts’ estimates as U.S. carmakers used more aluminum in their latest models.