US stocks notch record high amid earnings reports

New York Oct 12 (IANS) US stocks closed at record high as investors focused on the third quarter earnings reports and the newly released Fed minutes.

The Dow Jones Industrial Average on Wednesday added 42.21 points or 0.18 per cent to 22 872.89 Xinhua news agency reported.

The S&P 500 was up 4.60 points or 0.18 per cent to 2 555.24. The Nasdaq Composite Index increased 16.30 points or 0.25 per cent to 6 603.55.

Minutes from the Federal Open Market Committee meeting in September show that a December interest rate hike is likely.

However there was a debate among officials over whether inflation was because of one-time factors or persistent forces.

In corporate news BlackRock and Delta Air Lines both reported quarterly results that beat expectations.

BlackRock reported third quarter earnings per diluted share of $5.78 up 10 per cent on a year-over-year basis. Shares of Blackrock increased 1.78 per cent to trade at $473.76 apiece.

Delta Air Lines said its quarterly adjusted earnings per diluted share was $1.57.

Other major companies scheduled to report quarterly results this week include Citigroup Bank of America and Wells Fargo.

Third quarter earnings are expected to increase 4.9 per cent on a year-over-year basis. Third quarter revenues are expected to increase 4.3 per cent from the third quarter last year.

--IANS
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