U.S. Stocks Climb to Start a Busy Week of Earnings
October 21 2019 - 10:36AM
Dow Jones News
By Caitlin Ostroff
U.S. stocks inched higher Monday as earnings season rolled on
and investors continued to track developments in the U.K.'s divorce
from the European Union and trade talks between China and the
U.S.
The S&P 500 ticked up 0.4% as a big week for corporate
results kicked off. So far, third-quarter earnings have beaten
analysts' expectations, despite the slowing global economy.
The Dow Jones Industrial Average edged up less than 0.1% and the
Nasdaq Composite gained 0.5%.
Shares of oilfield services company Halliburton added 6.4% after
reporting earnings. Among the companies scheduled to report later
this week are McDonald's, Caterpillar and Ford Motor.
In other corporate news, shares in Boeing fell 4.3% after The
Wall Street Journal reported that Congress is ramping up scrutiny
of the plane maker's leaders as new details pointed to undue
management pressure on employees.
Shares of drug companies AmerisourceBergen, Cardinal Health and
McKesson fell Monday, after t he Journal reported that the
companies reached a last-minute settlement, avoiding a trial
seeking to blame them for fueling the opioid crisis.
AmerisourceBergen fell 4.2%, Cardinal Health dropped 3.6% and
McKesson lost 3.5%.
Cosmetics maker Coty shares rallied 12% after the company said
it would explore strategic alternatives for its professional beauty
business.
The yield on the 10-year U.S. Treasury rose to 1.783% from
1.747% Friday. Bond yields rise as prices fall.
In the U.K., the British pound ticked up 0.1% against the
dollar, climbing past the psychological barrier of $1.30 after a
critical vote on Prime Minister Boris Johnson's Brexit dea l was
delayed. The U.K.'s FTSE 100, which includes many companies with
large overseas earnings that benefit from sterling's decline, edged
up 0.2%.
"We're going to have that kind of ebbing and flowing," said
David Madden, market analyst at CMC Markets. "It's just going to be
hanging around to find out what's happening."
Optimism that Mr. Johnson will secure lawmakers' backing for his
deal boosted European bond yields. Yields rise when prices
fall.
The pan-continental Stoxx Europe 600 index rose 0.6%, led by
banks and the automotive sector.
Karen Langley contributed to this article.
Write to Caitlin Ostroff at caitlin.ostroff@wsj.com
(END) Dow Jones Newswires
October 21, 2019 10:21 ET (14:21 GMT)
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