Stocks shake off an early slump and head higher
Banks led financial stocks higher.
Medical equipment makers helped health care stocks reverse course after an early loss. Danaher rose 2.4% after reporting solid second quarter financial results.
Market indexes were down most of the day after
Consumer-oriented and energy stocks also fell.
Corporate earnings are in full swing and investors have been cautiously assessing results and company statements. Only about 13% of S&P 500 companies have reported, according to FactSet, and analysts expect profits to fall 2.4% overall.
Several other large companies are expected to report results later Thursday, including
The latest round of corporate earnings comes ahead of a highly anticipated
KEEPING SCORE: The S&P 500 index rose 0.4% as of
ANALYST'S TAKE: Investors have so far spent the week pulling back as corporate earnings results give them a better picture of the economy. The market has spent much of the year gaining ground, but remains volatile amid economic policy concerns and a lingering trade disputes.
"We've been watching the game and now we actually get to see the scorecard," said
The results so far have reflected financial strength from banks as the broader economy holds up with solid job growth and consumer confidence.
"The consumers are still making things happen out there and it's showing up in the earnings to a surprising degree," he said.
THE BIGGER PICTURE: The market is still on track for a weekly loss despite the S&P 500 hitting a record high close on Monday. Stocks have been volatile throughout the week and have been mostly lower since Tuesday.
The decline so far this week has barely dented yearly gains. The S&P 500 is still up 19% for the year, while the Nasdaq is still holding on to 23% in gains. The Dow is up 16% for the year.
CHUGGING ALONG:
SHRINKING STREAM:
LIGHTING UP: Philip Morris rose 8.9% after the cigarette maker raised its profit forecast for the year following a solid second quarter. The maker of
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