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Nasdaq Reaches Record, S & P Achieves Record Record Revenues By Reuters




© Reuters. Traders work on the NYSE in New York

on the ground. By Sruthi Shankar and Amy Caren Daniel

(Reuters) – On Wednesday, they approached their all-time highs, while technology stocks brought the Nasdaq to record levels as investors embarked on a largely bullish earnings season.

The S & P 500 is only 6 points below its daily high of 2,940.91 (end of September). The index has risen 1

7% this year, supported by a cautious Federal Reserve, hopes of a US-China sell-off and broadly positive earnings season.

"Most of the time, stocks are fully priced in and the markets have found problems with even higher levels," said Rick Meckler, Partner at Cherry Lane Investments of New Vernon, New Jersey.

Boeing (NYSE 🙂 Co gained 0.6% after Planemaker lost its outlook for 2019, and quarterly sales generated estimates due to the grounding of its 737 MAX jets. Since the fatal Ethiopian crash in early March, its shares have fallen by 11%.

Caterpillar Inc. (NYSE) declined 2.4% as rising costs impacted construction machinery business margins and the company reported weak sales in the Asia / Pacific region.

S & P 500 earnings are expected to decline 1.1%, according to Refinitv data for the first quarter. However, estimates have improved since the beginning of April: 77.5% of the 129 companies that reported so far outperformed earnings estimates.

At 11:29 ET, they dropped 26.904 by 10.90 points or 0.04%. The S & P 500 rose 0.44 points or 0.01% to 2,934.12, and the 10.45 points or 0.13% increase to 8,131.27.

"We have big profits like Amazon (NASDAQ 🙂 that could affect the markets, but the next big news the markets could expect is the trade agreement with China if we want to get one," Meckler said.

US President Donald Trump was pleased with the ongoing US-China trade talks as both sides worked on a final deal.

Microsoft Corp (NASDAQ 🙂 and Facebook Inc. (NASDAQ :), which was to be reported after the closing bell on Wednesday, fell back slightly.

Chip stocks even rose 1.9% to a record high after Texas Instruments (NASDAQ 🙂 had made up for the losses.

EBay Inc's shares rose 4.9% after the company raised its full-year sales and earnings projections.

AT & T Inc (NYSE) shares fell 4% after the second-largest US mobile operator reported quarterly sales below Wall Street estimates.

Anadarko Petroleum Corp.'s shares (NYSE 🙂 rose 12.1%, driving the S & P 500 hardest after Occidental Petroleum Corp. (NYSE 🙂 tried Chevron (1965). NYSE 🙂 Corp. Acquired the Company with a $ 57 Billion Bid. Occidental shares fell 3%.

On the NYSE, the progressive emissions decreased by 1.37 to 1 and on the Nasdaq by 1.18 to 1.

The S & P index broke 46 new highs of 52 weeks, while the Nasdaq recorded 77 new highs and 23 new lows.


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