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Wall Street ends on a high as reporting season cheer continues

Wall Street shares closed Tuesday higher; The Dow Jones added over 213 points
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Wall Street shares closed higher - again
  • US indices end higher

  • Netflix shares up 

  • TSX up over 62 points

 

 

Wall Street ended on a high, with the Dow Jones Industrial Index finishing up over 213 points higher at 24,786.

The S&P 500 added over 28 points at 2,706.

The tech heavy Nasdaq finished the session over 124 points ahead at 7,281.

In oil, US crude added 0.36% to stand at US$66.46 a barrel.

In Toronto, the TSX is up over 62 points at 15,363.

On Wall Street, sentiment has been buoyed by decent earnings, solid economic data and an easing of geopolitical tensions.

David Madden, an analyst at CMC Markets in London, summed it up: "US equity markets are firmly higher this afternoon as the fragile geopolitical situation has taken a back seat to the reporting season.

"Investors are all too aware of the heightened tensions in the Middle East, but for some, those fears have faded.”

Afternoon trading session:

In afternoon trade, US stocks moved higher across all three major indices.

The Dow Jones jumped 218 points to 24,791.

The Nasdaq added 117 points, reaching 7,273.

The S&P 500 gained 26 points, making its way up to 2,704.

The TSX fell by 5 points to 796.

In the currency markets, the US dollar was up slightly by 0.20% to $89.61. The Euro was at a three-week high, climbing to $1.24.

Netflix Inc (NASDAQ:NFLX) stole the show as the top gainer of the day on the Nasdaq after announcing its better-than-expected first quarter earnings. Shares of the streaming service were up by nearly 10% to US$338.12.

Newell Brands Inc (NYSE:NWL), the company behind consumers brands like Rubbermaid and Yankee Candle, was the runner-up with its share value increasing by 4.6% to US$52.66. Wells Fargo upgraded its rating to “Outperform” from “Neutral”.

Comerica Inc (NYSE:CMA), the Dallas-based financial services company, was the decliner of the day, falling by 4% to US$92.28, after releasing its first quarter earnings. While Comerica beat earnings and profit estimates, it missed revenue estimates and its average total deposits and loans both decreased compared to its last quarter.

Shares of Bristol-Myers Squibb Co. (NYSE:BMY) dropped nearly 3% to US$52.57. In a lung cancer clinical study, the company was outshined by rival Merck’s drug Keytruda.

Early Trading Session:

US stocks were forging ahead at the open, with the Dow Jones Industrial Index up over 244 points.

The S&P 500 added over 21 points at 2,699, while the tech heavy Nasdaq added over 79 points at 7,236.

In the oil market, US crude, West Texas Intermediate, is off 0.35% to US$65.96 a barrel on geopolitical worries.

In London, FTSE 100 is up, but not hugely, at 7,222 - up around 23 points.

In Toronto, the TSX is ahead by over 51 points at 15,351.

On Wall Street, a notable mover is streaming giant Netflix (NASDAQ:NFLX), which added over 6% to US$328.68 on the day.

The company's first-quarter earnings were in line with Wall Street estimates, while revenues showed a slight beat.

The film streaming giant added nearly 2mln new US subscribers in the quarter - 500mln more than analysts had expected.

Goldman Sachs Group Inc (NYSE:GS) shares shed 0.38% to US$257.34, despite it delivering a robust performance in the first quarter, boosted by robust revenues thrown up by its trading division. 

The bank reported diluted earnings per share of US$6.95 per share in the first three months of this year on net earnings of US$2.83bln, which handily beat the expectations of Wall Street analysts, who had expected Goldman to earn US$5.58 per share.

Goldman also managed to increase its quarterly dividend payout to US$0.80 per share.

 


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