U.S. Stocks Swing to Positive Territory
U.S. stocks overcame initial weakness to turn higher by midday trade on Wednesday with both S&P 500 and Dow Jones extending their fresh highs as strong economic data both from Germany and China bolstered the market sentiment.
At last check, the Dow Jones Industrial Average Index inched up 0.07%; the NASDAQ Composite Index added 0.35% while the S&P 500 Index gained 0.26%.
Shares of Cognizant Technology Solutions Corp. (NASDAQ: CTSH) climbed about 4% by midday trade after the Company handed better-than-expected fiscal first quarter earnings and revenue. Net income soared 17% as revenue leaped 18%. Revenue showed solid growth across all business segments and geographical regions. The Company maintained its outlook on full-year fiscal, which is better than Street’s estimate and provided upbeat guidance for the second quarter.
Shares of McDonald’s Corp. (NYSE: MCD) edged down after the burger chain said that sales dipped 0.6% in April.
Beleaguered daily deal site, Groupon Inc. (NASDAQ: GRPN) is due to report fiscal first quarter results after the closing bell.
In Germany, Industrial orders rose 1.2% in March against analysts’ expectation of 0.2% drop. The better-than-expected March industrial order data comes just a day after February’s data which showed 2.2% growth while analysts forecasted 0.5% decline.
In China, both exports and imports grew at faster-than-expected pace in April. A trade data released earlier today showed that exports soared 14.7% in April YOY against analysts’ expectation for 10.3% growth. Imports surged 16.8% compared to analysts’ expectation for 13.9% increase.
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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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