TribLIVE

| Business


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

S&P 500 reaches new heights

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.

Daily Photo Galleries

By The Associated Press
Wednesday, July 23, 2014, 7:21 p.m.
 

NEW YORK — The stock market eked out a record high on Wednesday, as investors weighed positive earnings from the technology industry against disappointing news from Boeing and other companies.

Biotechnology stocks were among the largest gainers. Among big tech names, Apple's earnings topped Wall Street expectations, helped by rising shipments of iPhones. Microsoft also announced results that beat forecasts.

So far, with less than a fourth of U.S.-listed companies reporting their quarterly financial performance, results have been coming in better than expected.

About 72 percent of Standard & Poor's 500 companies that have reported earnings have beaten expectations, and 73 percent have beaten sales forecasts.

“It's a little early, but things seem to be coming in OK,” said Sahak Manuelian, managing director of equity trading at Wedbush Securities.

Investors have become increasingly optimistic about the latest quarter. On June 30, they expected earnings to rise 4.9 percent from a year earlier. They now expect earnings to increase 5.5 percent.

The S&P 500 rose 3.48 points, or 0.2 percent, to close at 1,987.01, beating its previous record from July 3 by less than two points.

The Nasdaq composite rose 17.68 points, or 0.4 percent, to end at 4,473.70.

The Dow Jones industrial average bucked the trend. It fell 26.91 points, or 0.2 percent, to 17,086.63. It was dragged down by Boeing.

The aircraft maker slipped $3.03, or 2 percent, to $126.71, the biggest fall in the Dow, upon reporting revenue Wednesday that missed analysts' expectations.

Biotechnology stocks, meanwhile, helped lift the other major indexes.

Puma Biotechnology, a drug development company, soared after the company disclosed positive trial results for an experimental breast cancer drug. Puma rose $174.40, or 295 percent, to $233.43. Biogen Idec rose $33.93, or 11 percent, to $337.60 after its quarterly results came in above investors' expectations.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Business Headlines

  1. Falling demand for steel not likely to reverse any time soon
  2. Aggressive drivers to face Progressive surcharges
  3. Tourists rush to visit Cuba before Americans
  4. Credit card use reflects confidence, flat wages
  5. Economy in steady, but poky expansion
  6. Dow Chemical, Olin in $5B cash-and-stock deal
  7. Heinz merging with Kraft in mega-deal; headquarters to stay in Pittsburgh
  8. Highmark delays payment to UPMC over in-network issue
  9. Stop foreign dumping, U.S. Steel CEO Longhi tells Congress
  10. Internet ‘one road in and out’ for rural users
  11. U.S. shale drillers try to keep costs competitive with oil from abroad