By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks edged higher on Wednesday,
pushing the S&P 500 to an intraday record, as investors
processed earnings reports from Boeing Co, Delta Air Line, Inc and
PepsiCo Inc.
The S&P 500 (SPX) was 5 points, or 0.2%, higher at 1,988.52.
The Dow Jones Industrial Average (DJI) dipped 17 points, or 0.1%,
to 17,096.04. The Nasdaq Composite (RIXF) added 22 points, or 0.5%,
to 4,478.89, with biotechnology companies leading the gains.
Follow MarketWatch's live blog of today's stock-market
action.
Investors seem to brush off news that two Ukrainian fighter jets
were shot down Wednesday near where Malaysia Airlines Flight MH17
was downed and continued ground attacks on Gaza.
Kim Caughey Forrest, investment strategist at Fort Pitt Capital
said that geopolitical issues in the Middle East and Ukraine, may
not affect businesses in the short-term, but in the long-term, "we
will be affected if American companies cannot move freely in the
world."
"At this point, overall earnings growth has already been priced
in. Wall Street's full-year earnings estimates are too optimistic
and eventually will come down," Forrest added.
The data calendar is empty for Wednesday, leaving investors to
fix their attention on corporate earnings.
Biogen Idec Inc. (BIIB) jumped 11% after the biotechnology
company's latest earnings results impressed investors all around,
beating estimates on sales, profits, and guidance for the full
fiscal year.
Boeing (BA) fell 2.4% even as the plane manufacturer lifted its
core earnings-per-share outlook for 2014.
PepsiCo (PEP) rallied 4% after the company's second-quarter
profit beat estimates and it lifted earnings guidance.
Delta Air Lines Inc. shares (DAL) climbed 3% after the company's
second-quarter profit jumped 17%, driven by higher passenger and
operating revenue.
Whirlpool Corp.(WHR) posted weaker-than-expected earnings, and
shares slid 4.4%.
Investors also reacted to big tech earnings that came late
Tuesday. Apple (AAPL) shares rose 1.6% after earnings that topped
expectations. Also read: 5 reasons why Apple shares could rise
another 16% this year.
Microsoft shares were flat after an analyst's upgrade. The
company late Tuesday reported a 7.1% fall in quarterly profit,
disappointing Wall Street forecasters, as it took a financial hit
from the purchase of Nokia Corp's (NOK) cellphone unit.
After the close, earnings from Facebook Inc. (FB) and AT&T
Inc. (T) will be among the highlights. (Read more about the day's
notable movers here:
http://www.marketwatch.com/story/apple-intuitive-surgical-among-stocks-to-watch-2014-07-23.)
Among other markets, the Stoxx Europe 600 index edged up 0.3%
Wednesday, while Asia also logged a mostly-higher finish.
Crude oil prices (CLU4) rose ahead of key supply data, while
gold prices (GCU4) were flat. The dollar rose against the British
pound (GBPUSD)(GBPUSD) after minutes from the Bank of England's
July meeting showed all members voted to keep monetary policy
loose.
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