S&P 500 extends record as Facebook rallies

U.S. stocks rose, with the Standard & Poor’s 500 Index extending a record, as Facebook Inc. rallied on higher sales and growth in global manufacturing offset a drop in home sales. More

To continue reading this article, please do one of the following.



economic indicators

S&P 500 extends record as Facebook rallies

Posted 7/24/14

NEW YORK – U.S. stocks rose, with the Standard & Poor’s 500 Index extending a record, as Facebook Inc. rallied on higher sales and growth in global manufacturing offset a drop in home sales.

Facebook jumped 5.1 percent after saying second-quarter sales surged 61 percent. Under Armor Inc. surged 16 percent after increasing its 2014 profit target. Caterpillar sank 3.3 percent after forecasting full-year profit that fell short of estimates. AT&T Inc. dropped 0.6 percent as earnings missed forecasts. Qualcomm Inc. declined 6.3 percent after forecasting quarterly profit that may trail projections.

The S&P 500 added 0.2 percent to a record 1,990.74 at 12:09 p.m. in New York. The Dow Jones Industrial Average climbed 14.93 points, or 0.1 percent, to 17,101.56. Trading in S&P 500 stocks was 25 percent above the 30-day average at this time of day.

“Earnings are coming in better than expected and the market has taken a queue from that but the economy overall is kind of a mixed bag,” John Kvantas, director of equity research at USAA Investments, said in a phone interview. He helps oversee $63 billion in mutual fund assets.

The S&P 500 rose 0.2 percent on Wednesday as Apple Inc. helped push technology companies higher, while health-care stocks rallied on earnings. The gauge has advanced 7.5 percent this year through Wednesday amid better-than-estimated corporate results and central-bank support. The index trades at 18.2 times the reported earnings of its members, the highest since 2010.

Data watch

Global equities advanced Thursday after reports showed euro-area manufacturing and services grew this month while Chinese factory activity rose to an 18-month high in July.

A Markit Economics Ltd. factory gauge for the U.S. unexpectedly declined to 56.3 in July from 57.3 the previous month. Readings above 50 indicate expansion.

Separate data showed fewer new U.S. homes were sold in June than forecast and May data showed the biggest downward revision on record, painting a picture of a housing market that is struggling to gain traction.

Another release showed the number of Americans filing applications for unemployment benefits unexpectedly dropped last week to the lowest level in more than eight years.

The International Monetary Fund lowered its outlook for global growth this year as expansions weaken from the U.S. to China and military conflicts raise the risk of a surge in oil prices.

Ukraine tensions

Investors are also weighing the threat of new European Union sanctions targeting Russia over the Krelmin’s actions in Ukraine. Among the options being considered is a ban on European purchases of bonds or shares sold by Russia’s state-owned banks, according to a proposal presented to member states.

Next Page
Calendar
PBN Hosted
Events

Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
  • Manufacturing Awards
    Applications are now being accepted for the 2nd Annual Manufacturing Awards. Dea ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement