3 Stocks That Drove the Dow's 650-Point Gain

The Dow Jones Industrial Average soared 658 points today, as investors responded favorably to earnings reports and as members of the Fed's rate-setting committee made comments that were less hawkish than investors had feared.

Several major banks reported favorable earnings today, which showed that consumers and businesses stayed strong in the second quarter of this year, which ended in June. UnitedHealth Group (NYSE: UNH) finished atop the Dow, with shares gaining nearly 5.5%. The company reported earnings that beat analyst estimates and also raised its full-year guidance.

Furthermore, Fed Gov. Christopher Waller and St. Louis Fed President James Bullard, two Fed members that typically lean toward the hawkish side of the spectrum, said they support a three-quarter percentage-point rate increase at the Fed's meeting later this month. After a red hot inflation report earlier this week, investors feared a hike of a full percentage point might be coming.

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Source Fool.com