Friday, 29th March 2024
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US stocks resume upward climb

US stocks pushed higher Friday, resuming their upward climb and shrugging off some disappointing earnings results as the S&P 500 closed at a record.

US stocks pushed higher Friday, resuming their upward climb and shrugging off some disappointing earnings results as the S&P 500 closed at a record.

Jack Ablin, chief investment officer at BMO Private Bank, said the market was back in buying mode after Thursday’s declines.

“It’s more of a trend-following trade going on. There’s nothing fundamentally that I could see that would cause stocks to go higher,” he said.

The gains came despite a drop in oil prices and lackluster earnings news from General Electric and Boeing, Ablin said.

The Dow Jones Industrial Average rose 0.3 percent to 18,570.85.

The broad-based S&P 500 gained 0.5 percent to 2,175.03, a new record, while the tech-rich Nasdaq Composite Index advanced 0.5 percent to 5,100.16.

Dow component General Electric fell 1.6 percent due to disappointment over the level of industrial orders announced with second-quarter earnings.

American Airlines rose 4.0 percent as it reported operating expenses shrank due to a 25 percent drop in fuel expenses.

Schlumberger advanced 2.0 percent despite reporting a second-quarter loss of $2.2 billion as it said it believes the oil services market has bottomed.

Chipotle Mexican Grill gained 5.8 percent despite reporting an 81.7 percent drop in second-quarter earnings to $25.6 million due to a slowdown in sales following food safety problems. Analysts predicted sales would pick up as the problems recede.

Other companies to report quarterly earnings included Honeywell International, down 2.6 percent, PayPal Holdings, down 6.8 percent and Advanced Micro Devices, up 11.9 percent.

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