Finance
Stocks rally ahead of Facebook earnings
Stocks rose Wednesday, with Facebook hitting an all-time high, as
trade worries took a backseat to a batch of
stronger-than-expected earnings. Stocks jumped in the final hour
of trading following reports of a trade deal between the US and
the European Union. The dollar
and Treasury yields fell.
Here’s the scoreboard:
Dow Jones industrial
average:
25,414.98 +173.04
(+0.69%)
S&P
500:
2,840.32 +19.92
(+0.71%)
- European Commission President Jean-Claude Juncker
reportedly agreed to certain trade concessions in an Oval
Office meeting with President Donald Trump. The
president has previously appeared intent on ramping up
protectionist measures on the EU. While Juncker was en route to
Washington on Tuesday, Trump tweeted that tariffs
“are the greatest.” - The European Union earlier announced it was preparing
retaliatory tariffs on $20 billion worth of US
products. EU officials had warned the duties
would be enacted if President Donald Trump follows through with
the 25% tariff on car imports to the US he has threatened. - New homes sales in the US
dropped to an eight-month low in June. Sales
of new single-family units fell 5.3% last month, the Commerce
Department said, a drop more than double the size that
economists had forecast. - US crude inventories
fell to the lowest point since February
2015. The 6.15 million barrel drawdown, reported
by the Energy Information Administration, was larger than
expected. Prices of
West Texas Intermediate, the US benchmark, jumped more than
$1 to $69.25 a barrel following the EIA report. - Earnings season rolls on. Coca-Cola and
UPS
posted stronger-than-expected numbers for the second
quarter. Boeing fell
short of analyst expectations and disappointed on guidance.
General
Motors topped Wall Street estimates but cut its profit
forecast amid tariff concerns.
And a look at the upcoming economic calendar:
- Facebook posts earnings after the bell; Amazon and Twitter
report later this week. - The European Central Bank holds a policy meeting.
- Factory order numbers are out in the US.
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