Stock Market Today: Dow Spikes 742 Points After UnitedHealth Earnings
The S&P 500 and Nasdaq also scored wins Tuesday albeit with much smaller gains than the blue chip Dow.


Stocks finished higher Tuesday as investors parsed the latest retail sales data and a fresh batch of corporate earnings reports. Blue chip stocks handily outperformed thanks to an impressive beat from insurance giant UnitedHealth Group (UNH), though not all of the day's other results were as well-received.
Starting with the economic calendar. Ahead of the bell, data from the Census Bureau showed retail sales were flat from May to June, beating economists' estimate for a 0.3% monthly decline. The report also showed that May retail sales were upwardly revised to an increase of 0.3% vs the initial reading of 0.1%.
To be sure, the June data point to "signs of softness around the edges where low and moderate-income consumers are pulling back, like the weakness of food service and drinking place spending in the first half of this year," says Bill Adams, chief economist at Comerica Bank. However, there was a solid increase in goods spending in Q2 and the "economy is in pretty good shape," he adds.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
While Adams believes the Fed will hold interest rates steady at its July meeting, "a rate cut looks quite likely" in September.
Bank of America gets downgraded to Sell after earnings
In earnings news, Bank of America (BAC) stock rallied 5.4% after the big bank reported higher-than-expected earnings and revenue in its second quarter. The company also posted net interest income (NII) that matched Wall Street's estimates.
However, not everyone was upbeat about BAC's earnings results. CFRA Research analyst Kenneth Leon, for one, downgraded the financial stock to Sell from Hold after the results, citing expectations for low NII and loan growth in the near term.
Charles Schwab sinks as deposits drop
Fellow financial firm Charles Schwab (SCHW), meanwhile, plunged 10.2% after earnings. While SCHW beat on the top and bottom lines in its second-quarter report, it disclosed a 17% year-over-year decline in deposits.
Still, CFRA Research analyst Caydee Blankenship maintained a Strong Buy rating on Charles Schwab. While declining deposits create concern over the company's ability to maintain its net interest revenue, "the Ameritrade transition will be fruitful in the longer term, despite the continued management needed through the transition period," she wrote in a note to clients.
UnitedHealth pops on solid Q2 earnings
Outside of the financial sector, health insurance giant UnitedHealth disclosed Q2 earnings of $6.80 per share on $98.9 billion in revenue – more than analysts expected.
UNH also said that the number of folks served by its domestic commercial offerings climbed 9% year-over-year to 29.6 million, while those using its Medicare Advantage plans rose 2.3% to 7.8 million.
At roughly $550, UNH has the greatest weighting of all 30 stocks in the price-weighted Dow Jones Industrial Average, so the stock's 6.5% gain today helped push the index 1.9% higher to 40,954 – a new record closing high.
The S&P 500 also notched its highest close on record, adding 0.6% to 5,667, while the Nasdaq Composite rose 0.2% to 18,509.
Related content
- Morgan Stanley Stock Swings Higher After Impressive Earnings
- If You'd Put $1,000 Into Amazon Stock 20 Years Ago, Here's What You'd Have Today
- Earnings Calendar and Analysis for This Week
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Are You a Retirement Millionaire Too Scared To Spend?
If you are too scared to spend money in retirement, you may be saddled with regret. Here are three ways to safely enjoy your sizable retirement nest egg.
By Donna Fuscaldo Published
-
U.S. Treasury to Eliminate Paper Checks: What It Means for Tax Refunds, Social Security
Treasury President Trump signed an executive order forcing the federal government to phase out paper check disbursements by the fall.
By Gabriella Cruz-Martínez Published
-
Seven Questions to Ask When Evaluating Personal Loan Options
Taking out a personal loan too hastily could lock you into unfavorable terms with an untrustworthy lender. Ask these questions before signing anything.
By David Kimball Published
-
How Much Does Being Rich Matter in Retirement?
After a certain point, having more money in retirement won't make you any happier, new research shows. Instead, physical health, a sense of purpose, and a minimal amount of non-mortgage debt are more relevant.
By Christy Bieber Published
-
The Three Biggest Fears Keeping Retirees Up at Night
Here are the steps you can take to put those fears to rest and retire with confidence so you can relax and enjoy the life you've planned.
By Pam Krueger Published
-
What Can a Donor-Advised Fund Do for You? (A Lot)
DAFs and private foundations go about helping charities (and those who donate) in different ways. Each comes with its own benefits and restrictions to navigate.
By Julia Chu Published
-
Estate Planning When You Have International Assets
Estate planning gets tricky when you have assets and/or beneficiaries outside the U.S. To avoid costly inheritance mistakes, it pays to understand the basics.
By Kelsey M. Simasko, Esq. Published
-
Microsoft Stock: Innovation Spurs Its 100,000% Return
Microsoft's ability to recognize the "next big thing" has allowed sales – and its share price – to grow exponentially over the years.
By Louis Navellier Published
-
Three Essential Estate Planning Steps to Protect Your Nest Egg
After dedicating years to building your wealth and securing your future, make sure your assets are protected and your loved ones are provided for in the future.
By Nicole Farbo, CFP® Published
-
Is Chasing the American Dream Ruining Your Financial Life?
Too many people focus on visible affluence as a marker of success. Here's how to avoid succumbing to the pressure and driving yourself into debt.
By Anthony Martin Published