Wall Street Sees New Record Highs; Dollar Rises (MS, INTC)
Upbeat corporate earnings and economic data continued to push the markets up for another day on Thursday. It was reported that jobless claims dropped from last week to the fewest since the beginning of May. The manufacturing industry offered signs of growth as several index readings rose. This recent economic optimism pushed the dollar further up against the Japanese yen. Earnings reports that beat estimates included IBM (IBM), who also raised its full-year outlook and Morgan Stanley (MS). On the other hand both Intel (INTC) and Ebay (EBAY) disappointed investors with their forecasts.By the close of the bell both the S&P and Dow reached new record highs.
Word on the Street
- Better-than-expected earnings lift the Dow and S&P to newintraday highs.
- A recap of what messages Chairman Bernanke delivered after two days of meetings.
- Omnicom (OMC) reports earnings that are in line with expectations.
- Union Pacific Corp. (UNP) Q2 profit jumps 10% on increased rates.
- Back-to-school spending forecast to be almost 8% less than last year.
- Unilever (UL) Expands Further Into India.
Published on Jul 18, 2013By InvestorGuide Staff