U.S. stocks are trading higher today as Wall Street is lifted by strong earnings by some of the major market leaders. AT&T (ATT) and Morgan Stanley (MS) helped to lift the market today as both companies announced earnings that beat analyst estimates. Other companies that released strong Q2 numbers include American Express (AXP) and eBay (EBAY). Intel Corp. (INTC) also beat analyst estimates but saw shares drop about 1 percent after the giant chipmaker cut its forecast on the PC market. Tech companies like Apple (AAPL) and Google (GOOG) recently saw their share prices pop on strong quarterly reports. Healthcare stocks are also getting a boost as Express Scripts (ESRX) said it plans to buy Medco Health Solutions (MHS) for $29.1 billion. The deal would merge the number 1 and third largest medical records management companies, with the other being CVS Caremark (CVS). Another driver in the market came from the European Union’s softening stance on letting Greece default on certain debt, mainly to prevent the financial crisis from spreading to other healthier economies and to lighten the Greek debt load. However, the majority of U.S. investors are paying more attention on the debt crisis at home as Congress doesn’t seem much closer to a resolution that raises the nation’s borrowing cap. Meanwhile in commodities, oil prices have pushed paste the $100 a barrel mark largely on the IEA announcing no further supply releases and the prospect of economic activity increasing.
Major U.S. Stock Indices
DJIA: 12,726.68 (+1.23 percent)
S&P 500: 1,344.33 (+1.39 percent)
NASDAQ: 2,835.01 (+0.74 percent)
Russell 2000: 840.53 (+0.98 percent)
In other news:
- Rupert Murdoch: Last of the Moguls. Is this a good thing or bad thing? [Economist]
- Gold prices recently surpassed the $1,600 level but have since let off. This fund manager believes the precious metal still has much more to go. [CNBC]
- If corporate revenue and profits are routinely beating Wall Street estimates, why is unemployment still close to double digits? [Marketwatch]
- The last U.S. space shuttle has returned to earth, but Google’s (GOOG) $29 million prize could renew interest in space exploration, primarily ways to monetize the moon. [NY Times]
- Why has investor interest in emerging markets tailed off? [Barrons]
Check back for more news.