NEW YORK — The stock market bounced back on Monday after getting a boost from some good first-quarter earnings reports.
Toy maker Hasbro reported an unexpected gain in sales on the back of strong demand for its Transformer, Nerf and Marvel toys. Oil and gas services company Halliburton and investment bank Morgan Stanley also reported results that we’re better than analysts were expecting.
Stocks were recovering from a big slump on Friday when worries about the unresolved Greek debt crisis and some disappointing earnings reports rattled financial markets.
This week is one of the busiest for first-quarter earnings with close to one-third of those in the S&P 500 scheduled to report their results. Investors are already expecting weak earnings because a surge in the dollar is hurting overseas sales. A big drop in oil prices is also hitting energy companies.
The strong earnings Monday “are setting a good trend to start the week,” said David Lyon, a global investment specialist at JPMorgan Private Bank. “Earnings are coming in better than the weakened expectations.”
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