INSUBCONTINENT EXCLUSIVE:
US stocks moved higher Tuesday afternoon as investors welcomed solid results from homebuilders, retailers and other companies
Technology stocks and banks also rose
The rally briefly placed the SP 500 on track for an all-time high
The benchmark index of large US companies was hovering just below its last closing high set seven months ago.
KEEPING SCORE: The SP 500 rose
10 points, or 0.4 per cent, to 2,867 as of 2:49 p.m
The Dow Jones Industrial Average gained 100 points, or 0.4 per cent, to 25,859
The Nasdaq composite added 49 points, or 0.6 per cent, to 7,870
The Russell 2000 index of smaller-company stocks picked up 22 points, or 1.3 per cent, to 1,720
The Russell 2000 was on track to close at a record high.
RECORD TERRITORY: Shortly before 1 p.m
Eastern Time, the SP 500 briefly crossed above its latest closing high of 2,872 set on Jan
The market took a steep plunge immediately after that, in early February, and has been mostly clawing higher since then, with some bumps
along the way, thanks to a still-recovering economy and a boom in corporate profits
Stocks have been buffeted by concerns about mounting trade tensions this spring and summer, particularly with China
Signs of potential progress have helped stocks rally in recent weeks
SP Dow Jones Indices, which compiles the SP 500, says that on Wednesday, the current bull market become the longest in history, beating the
bull run of the 1990s.
THE QUOTE: ``That we got to these levels in January was a big surprise, more so than we're back there now,'' said Bob
Doll, chief equity strategist at Nuveen Asset Management
``We've had a mildly higher market after the correction on the back of these amazing earnings.''
SOLID EARNINGS: Investors have had much to
cheer about when it comes to company earnings this year, and the second-quarter reporting period has been no exception
Of the 93 per cent of the companies in the SP 500 that have reported quarterly results, 62 per cent delivered earnings and revenue that beat
analysts' forecasts, according to SP Global Market Intelligence
The strong earnings have been a source of encouragement for investors at a time of uncertainty over the trade disputes between the US some
of its biggest trading partners.
``In the absence of any new bad news, the trend for the market continues to be higher, and money continues
to slowly flow in,'' said Craig Birk, chief investment officer at Personal Capital
``Earnings season was phenomenal and that removed one worry
When people are just looking at companies and just looking at economic fundamentals, they feel good about things.''
HOME SWEET HOME:Toll
Brothers jumped 13.3 per cent to $39.34 after the luxury homebuilder reported earnings that came in well ahead of what analysts were
Other homebuilders also got a boost
Lennar gained 4.3 per cent to $53.33, while PulteGroup added 5 per cent to $29.54.
WEAR IT WELL: TJX climbed 4.5 per cent to $106.21 after
Maxx, Marshalls and other discount retail chains reported quarterly earnings that topped Wall Street's forecasts
Several other retailers also moved higher, including Best Buy, which rose 2.6 per cent to $81.41.
HEALTHY QUARTER:Medtronic gained 5.7 per
cent to $95.18 after the medical technology company's latest quarterly report card beat Wall Street's projections.
FREE TRADE: Discount
brokers fell sharply after CNBC reported that JPMorgan Chase will offer free online trading
ETrade fell 3.2 per cent to $59.28
Charles Schwab lost 1.9 per cent to $50.44
TD Ameritrade slid 6.5 per cent to $56.25.
IN A JAM: J.M
Smucker slumped 5.9 per cent to $109.07 after the maker of Jif peanut butter, Crisco cooking oil and other products reported quarterly
results that fell short of analysts' estimates
The company also trimmed its outlook for the year.
ENERGY: US benchmark crude rose 1.4 per cent to settle at $67.35 per barrel in New York
Brent crude, the standard for international oil prices, gained 0.6 per cent to close at $72.63 per barrel in London.
BOND YIELDS: Bond
The yield on the 10-year Treasury rose to 2.85 per cent from 2.82 per cent late Monday.
CURRENCIES: The dollar rose to 110.41 yen from
The euro strengthened to $1.1592 from $1.1467.
METALS: Gold rose 0.5 per cent to $1,200 an ounce
Silver added 0.7 per cent to $14.77 an ounce
Copper gained 0.9 per cent to $2.71 a pound.
MARKETS OVERSEAS: Germany's DAX added 0.4 per cent, while France's CAC 40 climbed 0.5 per
Britain's FTSE 100 slipped 0.3 per cent
In Asia, Japan's benchmark Nikkei 225 rose nearly 0.1 per cent, while Australia's SP/ASX 200 lost nearly 1 per cent
South Korea's Kospi rose 1 per cent
Hong Kong's Hang Seng climbed 0.6 per cent
Shares were higher in Taiwan but fell in Singapore.
