(As of 7:25 am PST)
US stocks opened mixed but have since turned higher as
investors cheered upbeat earnings reports from Dow components, Coca-Cola and
Johnson & Johnson. Coca-Cola
reported Q1 revenue that beat forecasts and earnings that were in line as
investors bid up shares by 3%. Johnson
& Johnson also beat on earnings while providing an upbeat forward profit
guidance which helped lift shares nearly 1.5%.
Corporate earnings helped to overshadow a disappointing report on
manufacturing out of the New York area.
The Empire State manufacturing index declined unexpectedly in April as
the pace of manufacturing slowed. Concerns
out of China regarding China’s debt weighed on international markets while the
Russia-Ukraine unrest has investors cautious around the globe. Gold is taking a beating today, down 2.5%
while oil and other commodities are lower.
Interest rates remain low. Despite
troubling news overseas and uninspiring data at home, US equities seem poised
to continue their bull run with bouts of profit taking along the way.
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