Stocks Climb Toward Record After Blowout Earnings: Markets Wrap
(Bloomberg) -- Another raft of blockbuster corporate profits pushed stocks toward a record at the end of a week that started with concern about a peak in earnings and the spread of the delta coronavirus variant.
About 87% of the S&P 500 companies reporting results so far this season have beaten Wall Street estimates, according to data compiled by Bloomberg. Twitter Inc. and Snap Inc. led a rally in social-media firms as sales blew past forecasts, while American Express Co. jumped after the credit-card giant added a record number of new customers to its tony Platinum card in the second quarter.
“This week is about earnings versus delta,” said Jeffrey Kleintop, chief global investment strategist at Charles Schwab & Co. “Earnings are reflecting an incredible snapback in economic activity. Concerns that stocks are overvalued are less potent here in terms of a threat to the market simply because earnings are rising at fast clip.”
These are some of the main moves in markets:
Stocks
The S&P 500 rose 0.4% as of 9:31 a.m. New York timeThe Nasdaq 100 rose 0.2%The Dow Jones Industrial Average rose 0.5%The Stoxx Europe 600 rose 1%The MSCI World index rose 0.3%The Russell 2000 Index rose 0.5%
Currencies
The Bloomberg Dollar Spot Index was little changedThe euro was little changed at $1.1766The British pound was little changed at $1.3760The Japanese yen fell 0.3% to 110.51 per dollar
Bonds
The yield on 10-year Treasuries advanced two basis points to 1.30%Germany’s 10-year yield advanced two basis points to -0.41%Britain’s 10-year yield advanced three basis points to 0.60%
Commodities
West Texas Intermediate crude fell 0.3% to $71.66 a barrelGold futures fell 0.3% to $1,804 an ounce
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