The S&P 500 closed around all-time highs


The main American indices closed with slight collective gains in Tuesday’s session amid mixed corporate results, in addition to investors’ assessment of the path of monetary policy after ruling out a rate cut next March.

US Treasury Secretary Janet Yellen also said that she is concerned about commercial real estate pressures on banks and landlords, but believes the situation can be controlled with the help of bank regulators.

More than half of the companies listed in the S&P 500 index have announced their results so far, and 81% of them have achieved profits above expectations.

Performance of major US indices:

The Dow Jones Index rose by 0.4%, equivalent to 141 points, in Tuesday’s session, to close near its record levels.

The S&P 500 index also rose 0.2% to close around its highest levels ever, supported by the healthcare and basic materials sectors.

The Nasdaq Composite Index rose less than 0.1%, affected by the decline in semiconductor stocks.

Spotify shares

Spotify stock rose 4% on Tuesday to its highest levels in more than two years, with the company adding $1.7 billion to its market value in one day.

These gains came despite the audio broadcasting company announcing losses in the fourth quarter, but it recorded an increase in the number of active users and better results than expected.

The number of active users increased by 5% from the previous quarter to 602 million users, and loss per share amounted to 36 cents compared to expectations of 40 cents.

Eli Lilly shares:

Eli Lilly shares closed down 0.1% under pressure from profit taking after reaching their highest levels ever during Tuesday's session following the company's announcement of profits much higher than expectations.

Earnings per share for the largest American pharmaceutical company reached $2.49, compared to expectations of $2.22, and revenues reached $9.35 billion, compared to expectations of $8.9 billion.

The company's results beat expectations thanks to the strong launch of its new weight-loss drug Zepbound, and rising prices for its popular diabetes treatment Mounjaro.