MARKET SNAPSHOT: Dow On Track For 7th Record As Tech Rallies
July 20 2016 - 10:27AM
Dow Jones News
By Ellie Ismailidou and Sara Sjolin, MarketWatch
Microsoft, Morgan Stanley earnings beat forecasts; Halliburton
reports losses
Stocks tipped higher Wednesday morning and the Dow industrials
looked on track for its seventh straight record close, buoyed by
corporate earnings that beat the market's lowered expectations.
Notably, Morgan Stanley(MS) and Microsoft Corp.(MSFT) released
better-than-feared earnings ahead of the opening bell, boosting the
broader benchmarks after disappointing quarterly results from
Netflix Inc.(NFLX) on Tuesday led both the S&P 500 and the
Nasdaq to finish lower.
On Wednesday, the S&P 500 index climbed 3 points, or 0.2% at
2,167, led by a 1.1% rise in technology stocks. Four out of the
index's 10 sectors were in positive territory, with energy stocks
leading the losses, down 1.1%, weighed by tumbling oil prices .
The Dow Jones Industrial Average rose 11 points, or less than
0.1% to 18,570, led by a 5.6% surge in Microsoft, which was
contributing about 20 points to the Dow. The blue-chip gauge was
weighed by a 1.7% drop in Walt Disney Co.(DIS).
Meanwhile, the Nasdaq Composite Index advanced 32 points, or
0.7%, to 5,069, hitting its highest level this year amid the broad
tech rally.
(END) Dow Jones Newswires
July 20, 2016 10:12 ET (14:12 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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