U.S. Stocks Inch Higher Helped By Unexpectedly Stronger Economic Indicators
U.S stocks gained marginally on Tuesday as better-than-expected U.S. economic indicators helped equities to pare its initial losses, even as the spotlight is back on both the Fed Reserve’s monetary policy meeting.
At last check, the Dow Jones Industrial Average Index moved slightly up by 0.03%, at 13077.17; the Nasdaq Composite Index edged up 0.40%, at 2957.44 while the S&P 500 index inched up 0.07%, at 1386.26.
Among all S&P 500 sectors, telecom, tech and industrial stocks gained the most while consumer discretionary stocks lagged.
On Monday, markets were mainly flat as investors preferred to stay in sidelines ahead of the fed’s open market meeting which starts on Tuesday.
In Europe equities traded in red territory as investors doubt whether the ECB will be able to deliver on its promises made in the last week.
In the U.S.,a series of unexpectedly stronger economic indicators lifted the market sentiment on Tuesday. According to Standard & Poor’s Case Shiller home prices index, home prices rose for the second successive month in May.
The Chicago purchasing managers index,-a gauge on state of affairs in the U.S. manufacturing sector,- surpassed analysts’ expectations as the index rose in July. U.S. consumer confidence index for July also climbed up more than expected while personal income in June rose, slightly beating analysts’ forecast.
Dow component Pfizer (NYSE:PFE) reported second quarter earnings which was in line with Street’s expectations. The drug maker reported earnings of 0.54 a share on revenue of $15.1bn.
Aetna (NYSE: AET) reported better than expected second-quarter earnings. The company also upwardly revised its full-year earnings outlook.
Humana (NYSE:HUM ) second-quarter earnings beat street’s expectations; however the company lowered its 2012 outlook due to costs associated with both new and existing Medicare patients.
Shares of high- end leather bag maker Coach (NYSE:COH) fell as company reported lower-than –expected fiscal second quarter earnings. The company attributed the decline in profits to higher promotional deals it offered to North American shoppers.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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