TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Wall Street logs longest winning streak in 6 months

Email Newsletters

Click here to sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Tuesday, April 22, 2014, 12:01 a.m.
 

NEW YORK — The stock market notched its longest winning streak in six months on Monday as another big week for company earnings began.

Halliburton, an oil and gas drilling company, rose after reporting a first-quarter profit on rising revenue in the Middle East and Asia. Toymaker Hasbro gained after saying it returned to profitability in its first quarter. A strong earnings report from Netflix pushed the company's stock higher in after-hours trading.

Close to a third of the companies in the Standard & Poor's 500 index are scheduled to report first-quarter earnings this week, giving investors a better picture of the outlook for demand. Stocks logged their best weekly gain since July last week as companies started reporting their earnings.

“I like what I see in the market,” said Karyn Cavanaugh, a senior market strategist with ING U.S. Investment Management. “It's all going to be about earnings, because earnings are the driver of the market in the long run.”

The S&P 500 index rose 7.04 points, or 0.4 percent, to 1,871.89. The index has risen five consecutive days, its longest streak of gains since October.

The Dow Jones industrial average climbed 40.71 points, or 0.3 percent, to 16,449.25. The Nasdaq composite gained 26.03 points, or 0.6 percent, to 4,121.55.

Stocks got a lift from an encouraging economic report from The Conference Board, which said that its index of leading indicators increased 0.8 percent in March.

“The data are suggesting that we will gain economic momentum,” said Quincy Krosby, a market strategist at Prudential Financial.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Business Headlines

  1. Supreme Court justices ream EPA for ignoring costs to meet air standards
  2. Snappers treat revitalizes Lawrenceville’s Edward Marc Brands chocolatier
  3. Heinz executives to dominate post-merger management of Kraft Heinz Co.
  4. Bank of New York Mellon seeks to intervene in N.J. casino saga as power plant taps collateral
  5. Drillers to submit electronic records on fracking chemicals to Pa. DEP
  6. Pending home sales in U.S. climb to 9-year high
  7. Teen retailer American Eagle Outfitters goes mobile, revamps site
  8. Greece makes stocks slip to worst day of year
  9. Innovative desk makers take stand against sitting at work
  10. University mine rescue teams join to set rules, competitions
  11. Big Heart Pet Brands to leave Pittsburgh, affecting 225 jobs