Economy

Wall Street opens at record on strong earnings

Wall Street opens at record on strong earnings

The Federal Reserve said they plan to start unwinding "relatively soon", which investors interpreted to mean September, since previously the central bank hinted it would start in December.

The Dow Jones Industrial Average rose 89 points, or 0.4%, to 21,702.

Boeing bulls will be further emboldened by the company's decision to raise its year-end earnings forecast to $US9.80 to $US10 a share, a 60-cent increase. The Russell 2000 index of smaller-company stocks dipped 8.11 points, or 0.6 percent, to 1,442.28, and the New York Stock Exchange was almost evenly split between stocks that rose and fell. Dow rose 0.45% and closed at 21,711.01-a fresh record high.

Materials, healthcare and financials were the main laggards on Wednesday.

European Shares Seen Opening Flat Ahead Of US Fed Decision
Asian stocks are trading mostly higher and the dollar extended an overnight rally while gold prices held steady. MSCI's index of stock markets across the world was up 0.13 per cent, while European shares rose 0.45 per cent.

Motley Fool co-founders Tom and David Gardner have spent more than a decade beating the market.

"A number of major companies have stepped up to meet the challenge this quarter, beating the Street handily to provide fundamental support to the market rally", said Colin Cieszynski, chief market strategist at CMC Markets, in a note. U.S. crude oil storage fell a greater-than-expected 7.2 million barrels giving investors more confidence that OPEC's strategy to cut production is finally paying off. Oil rose 1.7% to $48.70 per barrel.

In the statement following a two-day policy meeting, the Fed's rate-setting committee indicated the economy was growing moderately and job gains had been solid.

We're well into second quarter earnings reports, and in the USA the results have been nothing short of spectacular, which is driving USA stock indices to new all-time record highs.

Strs Ohio Buys A Lot More Marathon Petroleum Corporation (MPC) Stock
After this purchase, 258,477 common shares of MRO are directly owned by the insider, with total stake valued at $3,189,606. Jacobi Capital Management LLC increased its stake in Marathon Petroleum Corporation by 32.2% in the first quarter.

Stocks have enjoyed steady gains this month, as upbeat quarterly earnings and expectations of continued low-rate stimulus drove bullish bets on Wall Street. (T) jumped 4.7% after the company posted better-than-expected earnings late Tuesday.

Healthy burrito chain Chipotle Mexican Grill Inc. initially rose following stronger-than-expected results, but reversed to trade 2.3% lower. It kept sales guidance at $90.5 bn to $92.5 bn and projects full year adjusted earnings guidance of $9.80 to $10 a share against prior guidance of $9.20 to $9.40 a share.

Shares of Coca-Cola rose, up 1 percent as of 2.51pm in NY, after the company posted quarterly profit that bettered analysts expectations, bolstered by low- and no-calorie sparkling soft drinks as well as non-carbonated beverages.

Insurer Anthem Inc.(ANTM) shares slid 2.2% as quarterly earnings came in above expectations, but revenue fell short. After the markets close, results are due out from Facebook (FB) and PayPal (PYPL).

Cognizant Technology Solutions Corporation (CTSH) Position Boosted by Trust Co. of Vermont
The sales growth rate helps investors determine how strong the overall growth-orientation is for a stock or portfolio. (NYSE:HCP). Networks Inc.is a holding company, which conducts all of its activities through its subsidiaries. (NYSE:HCP) for 108,985 shares.


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