Business Recorder
Thursday’s early trade: Wall St climbs as earnings gather pace

Thursday’s early trade: Wall St climbs as earnings gather pace

NEW YORK: Wall Street was higher in late morning trading on Thursday, boosted largely by gains in financial and materials stocks.

A 3.9 percent rise in shares of American Express kept the Dow Jones Industrial Average on track to break a two-day losing streak, although losses in Travelers and Verizon limited the gains.

Of the 57 companies in the S&P 500 that have reported earnings through Wednesday morning, about 75 percent have topped expectations, according to Thomson Reuters data, above the 71 percent average for the past four quarters.

Overall, profits of S&P 500 companies are estimated to have risen 10.8 percent in the quarter, the best since 2011.

At 10:39 a.m. ET the Dow Jones Industrial Average was up 70.46 points, or 0.35 percent, at 20,474.95, the S&P 500 was up 6.08 points, or 0.26 percent, at 2,344.25.

The Nasdaq Composite was up 19.68 points, or 0.34 percent, at 5,882.71.

Seven of the 11 major S&P sectors were higher, with the financial index’s 0.77 percent rise leading the gainers.

CSX Corp jumped 7 percent to $50.16 after the No. 3 US railroad operator’s quarterly profit beat estimates. The stock was among the biggest boosts to the S&P and the Nasdaq.

Advancing issues outnumbered decliners on the NYSE by 1,685 to 1,018. On the Nasdaq, 1,659 issues rose and 908 fell. The S&P 500 index showed 25 new 52-week highs and one new low, while the Nasdaq recorded 75 new highs and 20 new lows.—Reuters

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