U.S. Stocks Climb as Earnings Season Picks Up; Health Care GainsBy
U.S. stocks climbed as corporate earnings reports pick up steam and investors assess the fallout of the Trump Administration’s embattled health-care bill.
The S&P 500 added 0.3 percent to 2,468 as of 10:10 a.m. in New York after the underlying gauge closed at a record high Tuesday. Small-cap shares rallied as the Dow Jones Industrial average was little changed.
- Every group but industrials and real estate higher in early trading
- Health-care shares up 0.6% for fifth gain in six sessions
- Energy stocks up 0.2% as oil gains 0.4%
- Utility and staples up no more than 0.2%
- The health insurance industry’s Obamacare drama reached a climax on Tuesday, but it isn’t over. With Senate Republicans’ failure to advance their bill to replace Obamacare, insurers are facing a summer of uncertainty
- Between now and the end of the year, Congress still has to approve more than $1 trillion in federal spending, pass a veterans health-care bill and navigate a debt-ceiling fight to avoid a potential default, all in the space of about a dozen working weeks
- Residential starts increased 8.3 percent to a 1.22 million annualized rate (est. 1.16 million)
- Permits, a proxy for future construction, climbed 7.4 percent to a 1.25 million annualized rate
- After-market Wednesday: CH Robinson Worldwide (CHRW), American Express (AXP), SL Green Realty (SLG), Crown Castle International (CCI), United Rentals (URI), QUALCOMM (QCOM)
- Pre-market Thursday: Danaher (DHR), PPG Industries (PPG), Snap-on (SNA), Genuine Parts (GPC), Alliance Data Systems (ADS), Travelers (TRV), Nucor (NUE), Omnicom Group (OMC), BB&T (BBT), Bank of New York Mellon (BK), KeyCorp (KEY), Sherwin-Williams (SHW), Dover (DOV), Philip Morris International (PM), Abbott Laboratories (ABT), Union Pacific Corp (UNP)
For more equity market news:
- Bernstein Quants Say Economy, Earnings to Stimulate Equity Flows
- In Nasdaq’s $400 Billion Round Trip, Signs of a Congested Market