Dow Sets New High on Tuesday as Earnings Reports Continue (UTX, CSCO)
While the S&P traded close to the 1,700 mark on Tuesday, it was the Dow's turn to post a fresh closing high. The Dow was pushed higher on upbeat reports from DuPont (DD) and United Technologies (UTX). Numerous earnings reports were released after the bell including Electronic Arts (EA) who beat the Street's targets and AT&T (T) who announced a 16% rise in revenue.Cisco Systems (CSCO) agreed to purchase cybersecurity company Sourcefire (FIRE) for $2.7 billion. Disappointing manufacturing data was released in the US, causing the dollar to fall against most major currencies. Global markets continued to surge on Chinese stocks and talk that the country may boost its economy with a stimulus.
Word on the Street
- Upbeat economic signals in China push global stocks higher, steady the US dollar.
- Freeport-McMoRan (FCX) reports drop in profit and cut to spending.
- Due to lower prices, Dupont (DD) drops almost 12% in earnings.
- Wendy's (WEN) tops expectations and announces plans to sell restaurants.
- Microsoft (MSFT) Misses Revenue Forecasts by Nearly a Billion Dollars.
Published on Jul 23, 2013By InvestorGuide Staff