US shares advance amid hesitation on firm rally
April 22, 2014 8:28 amVideo
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US stocks accelerated with modesty on Monday in hushed trading as investors faltered in the light of a sturdy rally last week and ahead of key earnings releases this week.
Monday’s profit logged the S&P 500’s fifth straight acceleration, its longest winning stretch since October. The S&P 500 concluded its best week since July last week, amplified by outcomes from such names as General Electric Co. and Morgan Stanley.
The Nasdaq also marked its fifth straight climb on Monday.
Out of 87 companies in the S&P 500 that had listed results through Monday morning, 62.1% surpassed earnings expectations, based on Thomson Reuters data, as compared to 66% average over the last four quarters. In revenue, 51.7% outmatched forecasts, below the 54% average over the last four quarters.
Volume was soft, with around 4.34 billion shares listed on US exchanges, well below the 6.83 billion average so far this month, based on the BATS Global Markets data. To observe Passover, some market participants did not trade on Monday.
Halliburton Co. gained 3.3% to end at $62.92 following it reported earnings that outstripped expectations and gave a firm profit outlook. The PHLX oil service index climbed 1%.
SunTrust Banks profited 1.5% to $38.51 following its results. Toy maker Hasbro Inc. escalated 1.9% to $55.66 following its earnings outdone expectations although revenue was under forecasts.
The Dow Jones industrial average advanced 40.71 points or 0.25%, to finish at 16,449.25. The S&P 500 rose 7.04 points or 0.38%, to end at 1,871.89. The Nasdaq Composite accrued 26.03 points or 0.64%, to close at 4,121.546.
After the closing bell, Netflix Inc. logged higher earnings for the quarter that ended in March, bolstered by the addition of 2.25 million customers to its movie and TV streaming service in the United States.
The stock ticked up 6.8% to $372 in prolonged trading. After a leap of 300% in 2013, Netflix tumbled on concerns the stock may be overestimated.
Advancing stocks exceeded declining ones on the NYSE by 1,889 to 1,159, while on Nasdaq, advancers excelled decliners by 1,591 to 1,028.
The material has been provided by InstaForex Company – www.instaforex.com
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