S&P 500 reaches new heights
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.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Kings Family Restaurants sold to California firm
- GetGo to hire 300 workers
- Mylan raises bid for fellow drugmaker; Perrigo says ‘no’
- DeVry shift to online classes prompts closing of Pittsburgh campus
- Profit down at First Niagara
- Oil at $65 could free 500,000 barrels from shale ‘fracklog’
- California drought may be felt in Pittsburgh restaurants, groceries
- Retailers vie for workers in tightening labor market
- MedExpress bought by United Health Group
- Pittsburgh union serving TV, film production looking for lots of help
- Settlement to cost Deutsche Bank $2.5B