Forex Marketz Daily Forex News – Fully Markets Update
Wall Street moved higher to end last week touching record highs, like the NASDAQ Composite index. Investors are eying a strong corporate earnings season.
The NASDAQ Composite, hit a record high as it rose 0.2 percent to 6,605.80. The tech heavy index also notched intraday and closing records. The S&P 500 rose 0.1 percent to 2,553.17. It hit an all-time intraday high. Information technology and materials lead the winners. The Dow Jones industrial average (DJIA) rose 30.71 points to close at 22,871.72. The 30 blue chip index also hit an intraday record.
As far as companies are concerned, shares of Bank of America soared 1.5 percent. The lending giant reported better than expected earnings. Netflix rose 1.9 percent. Shares of Netflix rose above $200 per share for the first time. Investors bought the stock ahead of its earnings which is scheduled for this week.
The three major indices saw slight gains for the week. The S&P 500 and the Dow saw their fifth consecutive weekly gains. The NASDAQ has saw its third week in a row.
NASDAQ Rises on Corporate Earnings
Investors are expecting a strong earnings season. Still, investors are worried that the market will slip as earnings season moves forward.
Earnings season has gotten off to a solid start. Right now, 87 percent of the companies that have reported, have beaten the bottom line expectations.
It is good that corporations are beating estimates, and a solid margin. Earnings are running at a clip above what these same thirty one companies have recorded over the past three years, on the average. There is some bad news here. The rate of the third quarter (Q3) 2017 vs the third quarter 2016 earnings and sales growth has slowed. , As more companies report their growth rates, these could continue to fall even more.
