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US stocks close higher on earnings

Friday - May 17, 2019 4:18 am , Category : BUSINESS
New York, May 17 (IANS) US stocks closed higher on Thursday as investors weigh strong earnings from Walmart and Cisco Systems against global trade prospects.

The Dow Jones Industrial Average rose 214.66 points, or 0.84 percent, to 25,862.68. The S&P 500 was up 25.36 points, or 0.89 per cent, to 2,876.32, Xinhua news agency reported.
The Nasdaq Composite Index increased 75.90 points, or 0.97 per cent, to 7,898.05.

In corporate news, Walmart earnings beat analysts' expectations for the first quarter. It reported total revenue of $123.9 billion for the quarter, and adjusted earnings per share of $1.13.

Doug McMillon, Walmart's president and CEO, said the retailer is "changing to enable more innovation, speed and productivity" and the changes have yielded good results. McMillon was also pleased with the combination of comparable sales growth from stores and eCommerce in the US.

Shares of Walmart rose 1.43 per cent to close at $101.31 apiece.

Cisco Systems also reported better-than-expected quarterly earnings, sending its stock up 6.66 per cent.

On Tuesday, stocks rose after news said the Trump administration is poised to delay auto tariffs decision by up to six months to avoid blowing up negotiations with the European Union and Japan.

--IANS pgh/

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