U.S. stocks at records on solid earnings, higher oil

Paterniano Del Favero
Luglio 26, 2017

Stocks rattled off solid gains at Wednesday's open as the market hauled in a large dose of positive early earnings news and oil prices continued their recent rebound.

Earnings of the S&P 500 companies are expected to have climbed 9.9 percent in the second quarter, up from an 8 percent rise estimated at the start of the month, according to Thomson Reuters I/B/E/S.

They are not expected to raise rates, but their comments will be analysed for any clues about the timing of future interest rate increases.

"Many questions still remain unanswered over both the timings and pace of rate hikes, which may weigh on the minds of Fed watchers ahead of the rate decision", said Lukman Otunuga, analyst with FXTM.

Facebook, Gilead Sciences, O'Reilly Automotive report results after the bell.

The Dow Jones rose 0.5% to 21,734, while the wider S&P 500 index added 0.13% to 2,480 and the tech-focused Nasdaq index was up 0.29% at 6,430.

Six of the 11 major S&P sectors were higher, with the telecommunications index's .SPLRCL 2.3 percent rise leading the gainers.

The Dow in particular is enjoying a boost from the latest batch of earnings, with Boeing (+7.5%) and AT&T (+4.7%) up sharply after both companies beat earnings estimates; Boeing also raised its FY 2017 earnings guidance.

Beverage maker Coca-Cola fell 1.4 percent after its quarterly profit dropped 60 percent.

Amgen was down 2.5 percent after the biotechnology company's sales for an infection fighter drug came in below expectations.

Advancing issues outnumbered decliners on the NYSE by 1,292 to 1,154. On the Nasdaq, 1,362 issues rose and 1,283 fell.

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