USA stocks rose, with the Nasdaq Composite Index reaching a record, after Greek lawmakers passed a bailout agreement while companies including Netflix and Citigroup rallied on earnings. The S&P 500 and Dow Jones Industrial Average weren’t as lucky, gaining 0.1% and falling 0.19%, respectively, as energy stocks turned on the pressure.
Shares of Google Inc. were surging on the heels of blockbuster results, overshadowing otherwise muted US stock-market action in premarket trade Friday.
“It looks like the equity market likes the Greek settlement”, said Ron Anari, the Jersey City, New Jersey-based senior vice president of trading at ICAP. The rate hike is broadly expected to be between September and December.
“Judging by the comments coming from German finance minister Wolfgang Schauble in the run-up to today, we can expect some choice phraseology in what will no doubt be a lively debate”, he wrote.
Fed Chair Janet Yellen appeared Thursday before the Senate Banking Committee in Washington, continuing her semi-annual testimony on monetary policy. She said raising rates too late holds risks, along with tightening too quickly.
Separate data showed confidence among homebuilders held in July at the highest level since November 2005, indicating the residential real estate market may be picking up speed.
Earnings season is also drawing more focus as investors sift for clues on the health of the world’s largest economy. The Standard & Poor’s 500 index (INDEXSP:.INX) edged up 2.35 points, or 0.11 percent, to end at 2,126.64.
The index of consumer prices in June increased 0.3% from May.
WELLINGTON – New Zealand shares were buoyed by the prospect of lower interest rates making returns on equities more attractive. The unit provides warehousing, delivery and customer support to Web merchants.
The Dow is up 297.18 points, or 1.7 percent. Profit is expected to have fallen 2.9 percent, according to Thomson Reuters estimates. (NASDAQ:AAPL) both gained almost 1 percent. The index touched an intraday high of 5,197.61.
The technology index was the sole gainer among the 10 major S&P 500 indexes. Banks in the benchmark extended a rally to a sixth day, the longest winning streak since December 2013.
Google’s second-quarter earnings climbed two per cent to $US3.4 billion on an 11 per cent rise in revenue to $US17.7 billion, helped by strong growth in advertising on mobile platforms. It has managed to consistently beat earnings forecasts in recent quarters, one quarter it has to slip up, surely? E*Trade Financial surged 2.9 percent.
The spike in the share price added about US$4 billion each to the fortunes of co-founders Larry Page and Sergey Brin.
Facebook rose almost 5 percent to a record high of $95.39 on hopes that it could mirror Google’s ad growth.
Automakers and parts suppliers retreated after Barclays cut them to negative from neutral as China auto sales continue to disappoint. Best Buy shares have dropped 16 percent this year.
Honeywell (HON – Get Report) climbed 1.9% after beating on the top- and bottom-lines and increasing its profit forecast.