Dow rises for a 7th day, gaining 300 points after better-than-expected earnings: Live updates

[ad_1]

Traders on the floor of the NYSE, July 17, 2023.

Source: NYSE

The Dow Jones Industrial Average was higher Tuesday as traders digested better-than-expected corporate earnings.

The Dow added 335 points, or 1%, aided by a 4.4% jump in Microsoft. The Nasdaq Composite climbed 0.4%, while the S&P 500 gained 0.5%. The Dow was headed for a seventh straight day of gains.

Bank of America reported better-than-expected earnings for the second quarter, thanks to higher interest rates. The bank stock added 4.7%. Bank of N.Y. Mellon's earnings also exceeded expectations, helping lift shares 5%.

Morgan Stanley stock added 6.5% after a beat on both revenue and adjusted earnings per share thanks to record revenue in its wealth management segment. PNC Financial, added 1.2% on the back of mixed second-quarter numbers. J.B. Hunt is slated to report after the bell.

Overall, the earnings season is off to a strong start. Of the S&P 500 that have reported, 84% exceeded profit estimates, according to FactSet.

Meanwhile, investors are seemingly shaking off soft data from the Commerce Department out Tuesday. Advance retail sales ticked up 0.2% month-over-month in June, while economists polled by Dow Jones forecasted a 0.5% increase.

"Americans have gotten relief at the gas pump, but also don't have an excessive demand for consumer goods," said David Russell, vice president of market intelligence at TradeStation. "This is modestly positive news for investors worried about the Fed needing to hike after July. Goldilocks marches on." 

The season comes as recent inflation data boosts the case for a soft-landing scenario among many investors, and stocks continue this year's rally.

Correction: David Russell is vice president of market intelligence at TradeStation. An earlier version of this story misspelled his name.

[ad_2] Source link https://worldnews2023.com/top-stories/dow-rises-for-a-7th-day-gaining-300-points-after-better-than-expected-earnings-live-updates/?feed_id=40874&_unique_id=64b6c0a9ca271

Comments

Post a Comment

Popular posts from this blog

Real Housewives of Beverly Hills couple Kyle Richards and Mauricio Umansky ‘seperate’

Image
[ad_1] Stay ahead of the trend in fashion and beyond with our free weekly Lifestyle Edit newsletter Stay ahead of the trend in fashion and beyond with our free weekly Lifestyle Edit newsletter Real Housewives of Beverly Hills ’ Kyle Richards and Mauricio Umansky have reportedly separated after 27 years of marriage. Richards joined the popular Bravo reality series in 2010 with Umansky making regular appearances over the last 13 years. “Kyle and Mauricio have been separated for a while now but are still living under the same roof. They remain amicable as they figure out what’s next for them and their family,” a source confirmed to People on Monday (3 July). The separation will affect both Real Housewives , which is gearing up for its 13th season, and the Netflix reality series Buying Beverly Hills, which follows Umansky’s real estate business as two of their daughters work as agents. Richards has already filmed the second season of the Netflix show, according to Deadline . The I
Read more

Pfizer RSV vaccine for infants has 'generally favorable' safety data, FDA staff say

Image
[ad_1] Blood sample for respiratory syncytial virus (RSV) test Jarun011 | Istock | Getty Images U.S. Food and Drug Administration staff on Tuesday said Pfizer's vaccine that protects infants from respiratory syncytial virus has "generally favorable" safety data. The FDA staff made the conclusion in briefing documents ahead of a meeting on Thursday when a panel of external advisors to the agency will discuss whether to recommend full approval of the RSV shot . The advisors will vote on whether Pfizer's late-stage clinical trial data on the vaccine supports its safety and efficacy. The FDA typically follows the advice of its advisory committees, but is not required to do so. The agency is slated to make a decision on whether to clear the shot in August before RSV season in the fall. If approved, Pfizer's jab would become the world's first vaccine that protects infants against RSV.  RSV usually causes mild, cold-like symptoms. But infants and older ad
Read more

Casemiro has improved Man Utd: Maguire | The Express Tribune

Image
[ad_1] LONDON: Casemiro scored twice as Manchester United turned on the style to beat 10-man Reading 3-1 and reach the FA Cup fifth round on Saturday as Tottenham forward Son Heung-min ended his recent goal drought. On a day lacking major shocks, there were wins for Premier League strugglers Leeds, Leicester and Southampton but Fulham were held by Championship side Sunderland. United – fourth in the Premier League and within touching distance of a place in the League Cup final – produced more compelling evidence they are back on track under new manager Erik ten Hag . The home side took the lead at Old Trafford in the 54th minute when Anthony produced a defence-splitting pass to find Brazil teammate Casemiro, who lifted the ball over goalkeeper Joe Lumley. Four minutes later United were two up, when Casemiro let fly with a stunning strike from outside the box to find the bottom corner. With the home side brimming with confidence, substitute Fred produced an audacious flic
Read more