The UK’s FTSE 100 index increased 0.5 percent, France’s CAC 40 index rose 1.2 percent while Germany’s DAX index rallied 1.6 percent.
Advertisement
The coup attempt was quickly halted.
The year-on-year decline in earnings of S&P 500 components is now expected to slow to 4.5 per cent in the second quarter, from 5 per cent in the first, and more companies are expected to beat analysts’ estimates, according to Thomson Reuters data. It (Other OTC: ITGL – news) was one of the biggest drags on the Nasdaq and the S&P 500. The Labor Department reported consumer prices rose a modest 1 percent in June from a year ago, suggesting that the Federal Reserve may take its time raising interest rates from the record lows that have helped push stocks higher.
Twenty-First Century Fox fell 2.3 percent following reports that longtime Fox News chief Roger Ailes is negotiating his departure from the money-making network following a lawsuit alleging he sexually harassed a star host.
The S&P 500 climbed nine points to finish at 2,173.02. Please see our terms of service for more information.
CLOSE BEHIND: Intuitive Surgical was the third-best performing stock in the S&P 500.
Second-quarter earnings estimates have eased. Telecom stocks are up 22.1 percent, versus the S&P 500’s 6 percent rise, for example.
Abbott Laboratories reported better-than-expected quarterly sales and profit, sending its shares up 2.2 percent. The stock sank $16.50, or 16.7 percent, to $82.15 after-hours. C, -0.49% all beat on earnings for the second quarter.
Almost two out of three companies so far this reporting season have come in above analysts’ profit expectations, according to S&P Global Markets Intelligence.
“Much of the data coming in and earnings announcements have been better than expected”, New Jersey-based Prudential Financial market strategist Quincy Krosby told Bloomberg. But investors are closely watching US corporate earnings for signs of whether the momentum for equities can be maintained.
The overall optimism and boost in risk appetite was evident in strong gains for ultra-risky junk bonds (HYG) and a selloff in haven investments, such as Treasurys, and gold futures, which settled at a three-week low of $1,319.30 an ounce (http://www.marketwatch.com/story/gold-falls-as-dollar-firms-on-renewed-fed-rate-hike-expectations-2016-07-20).
FOXED: Twenty-First Century Fox fell 58 cents, or 2.1 percent, to $27.16 amid widespread reports that its Fox News business will soon cut ties with its head, Roger Ailes, following allegations of sexual harassment.
The price of crude oil fell 59 cents to $44.65 a barrel.
Several reports on the US economy have also come in better than expected in recent weeks, which has helped drive the run for stocks to a record. Brent crude fell 19 cents, or 0.4 percent, to $46.77.
Advertisement
CURRENCIES: The dollar strengthened to 106.47 yen from 106.26, while the euro fell to $1.1009 from $1.1017. It climbed to 106.40 Japanese yen from 106.12 late Monday.
