Wall Street Up for 8th Consecutive Day

In the middle of earnings season, it's financial reports that should drive stocks, and today that's exactly what's happening. A number of strong earnings reports from a wide range of industries are driving stocks higher. The Dow Jones Industrial Average (DJINDICES: ^DJI  ) has climbed 0.35% as of 3:20 p.m. EST, and the S&P 500 (SNPINDEX: ^GSPC  ) is up 0.43%.

Procter & Gamble (NYSE: PG  ) was the big winner on the Dow, jumping 3.5% after reporting earnings. Revenue rose just 2% to $22.18 billion, but analysts had only expected $21.86 billion. The bottom-line results were even better, with earnings coming in $0.11 higher than estimates at $1.22 per share. Investors had been concerned about a deteriorating bottom line, so this should put that to rest for the time being.

Halliburton (NYSE: HAL  ) is the talk of the energy industry today, and its stock is up 5% in the session. In the latest quarter, the company's profit fell 26% to $669 million, or $0.72 per share, but the company has survived a decline in U.S. drilling better than investors expected. The lower results still topped estimates, and investors are hoping that growing revenue in international markets will present new opportunities for the company.

All but seven of the Dow's 30 components are up today, and the one leading the losers is Caterpillar (NYSE: CAT  ) , down 1.3%. The company reports fourth-quarter earnings on Monday, but it did say that global machinery sales fell 1% from a year ago, while engine sales dropped 2%. Mining companies aren't spending the way they did a year ago, and it's impacting Caterpillar's results.

There's a lot of momentum in the stock market right now, and the S&P 500 is set to hit its eighth straight day in the black.

If you're looking for a hot stock this year, The Motley Fool's chief investment officer has selected his No. 1 stock for 2013. Find out which stock it is in our brand-new free report: "The Motley Fool's Top Stock for 2013." I invite you to take a copy, free for a limited time. Just click here to access the report and find out the name of this under-the-radar company.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2216569, ~/Articles/ArticleHandler.aspx, 4/18/2014 7:55:20 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement