U.S. stocks are rising as investors sift through a batch of earnings reports. Benchmark Treasuries erased gains.
The S&P 500 Index closed higher than 3,000, with Apple opposition. Rallying to a record as Morgan Stanley raised its target for the shares. Boeing Co. drove the stock market index Industrial Average higher when mapping out a pointy boost to the 737 GHB plane’s output. Caterpillar opposition climbed as traders welcome its move to chop production. The Philadelphia Semiconductor Index tumbled nearly a pair of on Texas Instruments opposition’s weaker-than-expected forecast.
The barrage of corporate results is a barometer of the strength of the global economy as the ongoing rivalry between the U.S. and China undermines confidence.
A senior portfolio manager at Washington Crossing Advisors, Kevin Caron said that the momentum in earnings had slowed very sharply, so there was not a lot of expectations for earnings growth,”
Beyond Meat Inc. fell under $100 as fears of more insider selling the following week overshadowed earnings bets. Nike Inc. had former eBay head, John Donahoe, to replace Chief Executive Officer Mark Parker next year. The shares dropped.
Somewhere else, oil reached $56 a barrel for the first time in almost a month after a surprise drop in U.S. crude supplies signaled to strengthen demand. Turkey’s lira rallied after President Trump said he’s lifting recently imposed sanctions after the country complied with a cease-fire agreement.
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