{"id":109331,"date":"2017-07-20T07:58:30","date_gmt":"2017-07-20T11:58:30","guid":{"rendered":"http:\/\/countingpips.com\/?p=109331"},"modified":"2017-07-20T07:46:45","modified_gmt":"2017-07-20T11:46:45","slug":"upbeat-earnings-push-stocks-higher","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/07\/upbeat-earnings-push-stocks-higher\/","title":{"rendered":"Upbeat earnings push stocks higher"},"content":{"rendered":"
July 20, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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S&P 500 and Nasdaq close at fresh record highs<\/h2>\n<\/div>\n<\/div>\n

US stocks\u00a0<\/b>ended higher on Wednesday as investors\u2019 optimism was boosted by better than expected results from Morgan Stanley. The dollar rebounded: the\u00a0live dollar index<\/a>\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, closed up 0.2% at 94.808. The\u00a0S&P 500<\/a>\u00a0rose 0.5% settling at new record high 2473.83 lifted by gains in energy and materials stocks. All of the 11 main sectors advanced. The\u00a0Dow Jones\u00a0<\/em>industrial average added 0.3% to 21640.75, as gains in DuPont and Boeing shares offset 4.2% drop in IBM on lower quarterly revenue.\u00a0Nasdaq\u00a0<\/em>gained 0.6% to 6385.04, a fresh record high in the ninth session of consecutive gains.<\/p>\n

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Positive corporate results help push the market indices higher. Morgan Stanley shares rose 3.3% as the financial giant reported earnings and revenue above expectations. Financial stocks are seen as indicators of economy\u2019s health positive earnings repot so far point to sustained economic growth. Treasury yields were little changed as investors waited for the European Central Bank policy meeting. Market\u2019s reaction to economic data was muted. Housing starts at 1.22 million annual rate were higher than expected.<\/p>\n<\/div>\n<\/div>\n

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European stocks rebound<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>ended firmly higher on Wednesday on upbeat corporate reports. Both the\u00a0euro\u00a0<\/em>and\u00a0British Pound\u00a0<\/em>slid against the dollar. The Stoxx Europe 600 index rose 0.8%. Germany\u2019s\u00a0DAX 30\u00a0<\/em>closed 0.2% lower to 12452.05. France\u2019s\u00a0CAC 40\u00a0<\/a>ended 0.8% higher and UK\u2019s\u00a0FTSE 100\u00a0<\/em>index gained 0.6% to 7430.91. Markets opened 0.2% – 0.6% higher today.<\/p>\n

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The European Central Bank is expected to leave interest rates unchanged today. The ECB head Mario Draghi is expected to emphasize the ECB\u2019s confidence in euro-zone\u2019s economic recovery. The central bank will likely not change its forward guidance after it dropped a reference to the possibility interest rates could move even lower in the future if warranted. Today at 13:45 CET ECB interest rate decision will be announced and at 15:30 CET Mario Draghi\u2019s press conference will start.<\/p>\n

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Bank of Japan pushes back inflation target timeline<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are higher today after gains on Wall Street. The Bank of Japan kept monetary policy unchanged and reinforced expectations that it will keep massive stimulus in place far longer than other major central banks. The yen slid against the dollar which helped\u00a0Nikkei\u00a0<\/em>gain 0.6% to 20144.59. Economic data also contributed to bullish mood: both exports and imports rose in June, pointing to expansion in economic activity though the trade balance surplus was lower than in prior month. Chinese stocks are rising:\u00a0Shanghai Composite Index\u00a0<\/em>is 0.4% higher and Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is up 0.3%. Australia\u2019s All Ordinaries Index is 0.5% higher with the Australian dollar paring back most of previous day\u2019s gains against the US dollar.<\/p>\n

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Oil higher after US inventory draw<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are edging higher today after US inventories official report indicated bigger than expected drop in inventories. US crude inventories dropped by 4.7 million barrels last week, according to the Energy Information Administration report. September Brent crude rose 1.8% to $49.70 a barrel on Wednesday on London\u2019s ICE Futures exchange.<\/p>\n

Market Analysis provided by IFCMarkets<\/a><\/p>

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Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets S&P 500 and Nasdaq close at fresh record highs US stocks\u00a0ended higher on Wednesday as investors\u2019 optimism was boosted by better than expected results from Morgan Stanley. The dollar rebounded: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, closed […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-109331","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/109331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=109331"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/109331\/revisions"}],"predecessor-version":[{"id":109339,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/109331\/revisions\/109339"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=109331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=109331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=109331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}