U.S. stocks modestly higher as earnings come in; oil surges

After the Bell Dow Gains 212 Points—and It’s Not Just Earnings

After the Bell Dow Gains 212 Points—and It’s Not Just Earnings

USA stocks finished broadly higher Wednesday, giving the S&P 500 its third gain in as many days. Solid gains in industrial stocks and retailers outweighed losses among food and beverage companies, technology stocks and banks. "The most notable is energy prices pulling that sector higher", said David Joy, chief market strategist, at Ameriprise in Boston. Eastern Time. The Dow Jones industrial average lost 32 points, or 0.1 percent, to 24,754. The Nasdaq composite lost 49 points, or 0.7 percent, to 7,245.

The S&P 500 index fell 18 points, or 0.7 percent, to 2,689.

STRONG LIFT: Textron jumped 7.8 percent to $64.63 after the plane and helicopter maker delivered quarterly results that beat analysts' forecasts. Bank of New York Mellon climbed 5.7 percent. CSX also said it is running trains on a tighter schedule and using fewer locomotives. That helped lift the Dow Jones Transport index by 1.2 percent.

A 7.6 percent slump in shares of IBM (IBM.N) was the biggest single drag on the benchmark S&P 500 index, after the company reported profit margins that missed Wall Street expectations. That weighed on Procter & Gamble's shares, which declined 2.3 percent to $75.71.

Energy stocks also rose as a rally in oil prices continued, bringing crude to the highest level in more than three years. Morgan Stanley rose 3 percent after it reported a 40 percent jump in quarterly profit, driven by its trading business. Abe failed to get the exemption from US metal tariffs for Japan that he had hoped for but some analysts said the outcome signaled that Trump was taking a more conciliatory stance on trade. President Donald Trump has threatened to raise tariffs on up to $150 billion of Chinese goods due to disputes over technology policy, market access and Beijing's trade surplus with the United States.

BOND YIELDS: Bond prices were little changed.

Trade Wars to Affect Entire Global Economy, Not Specific Countries
The IMF expressed concern about the level of debt in the world, and said much of the growth in debt has come from China. She called on all countries "to steer clear of all protectionism measures".

Comey memos: Trump was concerned about Flynn's 'judgment'
Trump fired Flynn because he said he'd lied to Vice President Mike Pence, although the full circumstances remain unclear. During his first meeting with Trump, Comey brought up unverified allegations about the president's trip to Moscow.

National Football League to kick off 2018 season with Eagles-Falcons
With the weather being a lot nice in comparison to last years playoff game, there should be a lot more offense this time around. The traditional doubleheader in Detroit and Dallas has the Lions playing the Bears, followed by the Redskins at the Cowboys .

United Continental rose 4.8 percent to $70.58 after the airline company raised its earnings outlook for the year.

The dollar gained to 107.26 yen from Tuesday's 107.02 yen. The euro rose to $1.2385 from $1.2367.

The Dow is up 28.85 points, or 0.1 percent.

Earnings at the S&P 500 companies are estimated to grow 19.4 percent in the first quarter, the biggest increase in seven years, according to Thomson Reuters data.

The major stock indexes are all on track to finish the week higher.

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