(As of 7:20 am PST)
US stocks are inching higher extending their longest
winning streak since last October as earnings results gave investors much to
cheer about. Economic data is light
today with a report on existing home sales showing sales dipped slightly in
March. Investors shrugged the report
with stock prices being driven higher by a slew of earnings reports from
notable names. Shares of Netflix rose 7%
after posting strong results, while Harley Davidson also soared 7.5%. Comcast rose 2.25% after reporting strong
earnings while shares of McDonald’s declined 0.5% on falling profits. Other notable names reporting today included Lockheed
Martin, AT&T, Amgen and Yum Brands. Earnings
season has surprised some analysts with positive results bolstering an
optimistic trade recently. According to
FactSet, so far 68% of the companies in the S&P500 have beat their earnings
expectations. It’s a longshot to call
the recent uptick a rally, but momentum has certainly been to the upside. Don’t be surprised to see some short term
profit taking in the coming days.
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