US Stocks Higher on Solid Earnings 07/23 09:51
U.S. stocks moved higher in early trading Tuesday on Wall Street as several
major companies reported solid second quarter earnings.
NEW YORK (AP) -- U.S. stocks moved higher in early trading Tuesday on Wall
Street as several major companies reported solid second quarter earnings.
Corporate earnings are now in full swing after last week's relatively light
load of mixed results. Nearly 150 companies in the S&P 500 will report their
financial results through Friday. Analysts are expecting this round of earnings
to be weak.
JPMorgan Chase, Bank of America and several other banks gained ground as
bond yields rose. Higher bond yields allow banks to charge more interest on
Coca-Cola soared after beating Wall Street's second quarter profit
forecasts. The surprisingly good results helped lift other consumer product
makers. Kraft Heinz rose 1.7% and Kellogg rose 1.8%
Stanley Black & Decker rose 6.6% after it reported second quarter profit
well above analysts' forecasts. The tool maker made one of the biggest gains in
the industrial sector. General Electric rose 2.6% and United Technologies rose
Utilities lagged the market as investors moved away from defensive holdings
and took on more risk.
KEEPING SCORE: The S&P 500 index rose 0.2% as of 10 a.m. Eastern time. The
Dow Jones Industrial Average rose 72 points, or 0.3%, to 27,245. The Nasdaq
composite rose 0.1%.
OVERSEAS: European stocks moved broadly higher, though London's FTSE 100 was
relatively flat after Boris Johnson was named as the new prime minister, a move
that could increase the risks of a disorderly Brexit. Germany's DAX soared 1.8%
and France's CAC 40 rose 1%.
STOCK POP: Coca-Cola rose 5% after the beverage company raised its revenue
forecast for the year following a solid second quarter. The company reported 3%
growth in sales of its namesake soft drinks and it has been expanding into
energy drinks and coffee.
WELL PLAYED: Hasbro rose 6.1% after blowing away Wall Street's second
quarter profit forecasts. The toy maker reported growth for many of its classic
games and toys, including the board game Monopoly and Play-Doh. It also
reported growth for its digital game "Magic: The Gathering" and got some help
from its partnership with Marvel on Avengers and Spiderman action figures.
QUALITY TOOLS: Stanley Black & Decker rose 5.4% after the tool maker beat
Wall Street's profit forecasts for the second quarter. The company reported
increases in sales volumes and prices for its tools and storage products.
OIL: Crude oil prices remained mostly flat. Benchmark edged down 0.3%. Brent
crude oil, the international standard, were flat. Energy prices have been
volatile over the last few weeks as tensions between the U.S. and Iran