US stocks close higher amid earnings
Thursday - July 26, 2018 4:06 am ,
Category : BUSINESS
US stocks close higher amid earnings
New York July 26 (IANS) US stocks closed higher as investors digested a batch of second-quarter earnings reports.
The Dow Jones Industrial Average on Wednesday increased 172.16 points or 0.68 per cent to 25 414.10. The S&P 500 was up 25.67 points or 0.91 per cent to 2 846.07 Xinhua news agency reported.
The Nasdaq Composite Index gained 91.47 points or 1.17 per cent to 7 932.24.
US planemaker Boeing posted earnings per share of $3.33 and revenue of $24.3 billion both topping Wall Street s estimates. But the Dow component stuck to its full-year earnings per share guidance to $14.3 to $14.5 below analysts expectations.
Another Dow component Coca-Cola reported adjusted earnings per share of 61 cents topping the forecast as its diet drinks fuelled global growth. Its second-quarter revenue stood at $8.9 billion also beating expectations.
General Motors cut its full-year profit outlook to 6 dollars per share from a range of $6.3 to $6.6 per share as steel and aluminium costs have been rising. Its second-quarter earnings per share and revenue were both higher than estimates.
This earnings season has been great so far. Second-quarter earnings are expected to increase 22 per cent from the same period last year. Excluding the energy sector the earnings growth estimate declined to 18.2 per cent.
--IANS pgh/
The Dow Jones Industrial Average on Wednesday increased 172.16 points or 0.68 per cent to 25 414.10. The S&P 500 was up 25.67 points or 0.91 per cent to 2 846.07 Xinhua news agency reported.
The Nasdaq Composite Index gained 91.47 points or 1.17 per cent to 7 932.24.
US planemaker Boeing posted earnings per share of $3.33 and revenue of $24.3 billion both topping Wall Street s estimates. But the Dow component stuck to its full-year earnings per share guidance to $14.3 to $14.5 below analysts expectations.
Another Dow component Coca-Cola reported adjusted earnings per share of 61 cents topping the forecast as its diet drinks fuelled global growth. Its second-quarter revenue stood at $8.9 billion also beating expectations.
General Motors cut its full-year profit outlook to 6 dollars per share from a range of $6.3 to $6.6 per share as steel and aluminium costs have been rising. Its second-quarter earnings per share and revenue were both higher than estimates.
This earnings season has been great so far. Second-quarter earnings are expected to increase 22 per cent from the same period last year. Excluding the energy sector the earnings growth estimate declined to 18.2 per cent.
--IANS pgh/
