U.S. Stocks Set for New Highs
28 July 2017 - 2:55AM
Dow Jones News
By Akane Otani and Georgi Kantchev
Gains in consumer-discretionary and technology shares pushed
U.S. stocks further into record territory on Thursday.
The Dow Jones Industrial Average rose 60 points, or 0.3%, to
21771. The S&P 500 rose 0.2% and the Nasdaq Composite added
0.5%.
Major indexes have climbed to fresh highs this week as a flurry
of corporate earnings reports have pointed to continued strength
among U.S. firms.
With second-quarter results in from nearly half of S&P 500
companies, the broader index is poised to report earnings growth of
9% from the year-earlier period, according to FactSet. That would
build on gains from the first quarter, when U.S. companies reported
their fastest earnings growth in nearly six years.
"Earnings are coming in above expectations, which is justifying
the move up in equities," said Jeff Zipper, managing director at
the Private Client Reserve of U.S. Bank, which has $145 billion
under management. "At the same time, the weaker dollar is good for
multinationals' bottom lines."
Consumer-discretionary shares rose 1.2% in the S&P 500,
giving the broad index a boost. Viacom jumped 3.3%, among the
biggest gainers in the sector for the day, after The Wall Street
Journal reported the firm was out of the running to acquire media
company Scripps Networks Interactive.
Technology stocks added 0.3% in the S&P 500, led by gains in
Facebook, which said Wednesday afternoon that profit rose 71% in
the second quarter. Facebook shares added 4.6%, hovering near a new
high in market value.
Elsewhere, the Stoxx Europe 600 was down 0.1% after swinging on
the latest batch of corporate earnings.
Shares of Royal Dutch Shell gained 0.7% after the company
reported a sharp increase in cash flow from operating activities.
Deutsche Bank shares fell 6.5% after the bank beat analysts'
expectations in the second quarter, but said revenue fell on the
year.
Government bonds pulled back, with the yield on the 10-year U.S.
Treasury note rising to 2.325%, according to Tradeweb, from 2.285%
on Wednesday. Yields rise as bond prices fall.
Earlier, Japan's Nikkei Stock Average gained 0.1%. Hong Kong's
Hang Seng Index rose 0.7% to its highest close since June 2015.
Write to Akane Otani at akane.otani@wsj.com and Georgi Kantchev
at georgi.kantchev@wsj.com
(END) Dow Jones Newswires
July 27, 2017 12:40 ET (16:40 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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