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Earnings Report Bonanza Brings DJIA, S&P, Nasdaq Up

With nearly a third of the companies in the S&P 500 reporting earnings this week, optimism remained high with several big players meeting or beating expectations. The slew of positive earnings
Jacob Harper received his BA from the University of Missouri in 2005, and his MA in Writing from Missouri State in 2009. He's written for American Express, Wisebread, LA Foodie, and Fox Digital, and he served as a Writer & Editor for the 2013 Los Angeles edition of the guidebook series Not For Tourists. Jacob currently lives in Los Angeles.
Jacob Harper received his BA from the University of Missouri in 2005, and his MA in Writing from Missouri State in 2009. He's written for American Express, Wisebread, LA Foodie, and Fox Digital, and he served as a Writer & Editor for the 2013 Los Angeles edition of the guidebook series Not For Tourists. Jacob currently lives in Los Angeles.

With nearly a third of the companies in the S&P 500 reporting earnings this week, optimism remained high with several big players meeting or beating expectations. The slew of positive earnings reports sparked a rally across the indices, and, despite a slight pullback right before the bell, all ended the day with modest gains.

The markets opened with cautious optimism, as the previous day’s aftermarket report from Netflix (NFLX) had already sent shares up nearly 7 percent before open, which is how it closed the day as well. Facebook Inc (FB) received an upgrade from Credit Suisse, which sent shares up 2.92 percent and helped propel the tech-heavy Nasdaq’s big jump.

Besides Netflix, the other big earnings win came from Harley Davidson (HOG), who saw shares jump 6.41 percent on their earnings beat. However, the biggest news for the S&P came from Allergan (AGN), who skyrocketed 15.25 percent after fielding a buyout bid from a team comprised of activist investor William Ackman and the drug company Valeant. The S&P touched 1,885, or five points below its all-time high, before falling slightly before the close of trading.

From the Dow, Home Depot (HD) led the way, gaining 2 percent on an upgrade from BDO Capital. This offset a slightly underwhelming earnings report from McDonalds Corp (MCD), who shed 0.35 percent on the day.

Results for April 22, 2014

  • Standard & Poor’s 500: +.43 percent to 1,880 points
  • Dow Jones Industrial Average: +.39 percent to 16,514 points
  • NASDAQ Exchange:  +.96 percent to 4,161 points

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