Health care and energy companies push Wall Street higher

12
3 minutes
Health care and energy companies push Wall Street higher

Pfizer & healthcare revenue report posted lower hours this week as services and pharmaceuticals giant CVS Health are following earnings reports before the opening bell.

After trading closes, expect to hear from wireless telecom company T-Mobile US, ride sharing firm Prudential Financial, Life and Health Insurance Companies and reopening plays like Caesars Entertainment, Hyatt Hotels and Host Hotels and Resorts.

On Monday, a positive dose of positive earnings reports and economic data showing that the U.S. economy is growing increased the S&P 500 by 0.3%.US futures were lower on Tuesday.

On Monday, Federal Reserve Chairman Jerome Powell said the economic outlook in the US remains extremely uneven, but the recovery remains too bleak.

Health Care and energy companies help lower the stocks, with the S&P 500 closing at 4,192.66.

The Dow Jones Industrial Average jumped 0.7% to 34,113. 23.Nasdaq lost an early gain and plunged to 13,895 by 0.5%. 12.

These companies had a good showing and were smaller than others.The Russell 2000 index rose to 2,277.45.

Stocks have been moving higher on expectations of an economic recovery and strong profits this year as large-scale coronavirus Vaccination programs help people return to jobs and normal activities after more than a year of restrictions.Massive support from the United States government and massive support for international trade companies.

More than half of the companies in the S&P 500 have announced their earnings report this year, which show profit growth of 54% according to FactSet.

This is another busy week for quarterly reports, with Merck, Pepsi, Colgate-Palmolive and CVS among the companies reporting their latest quarterly results.Investors will also get March's job reports on Friday.

On the economic front, a report on U.S. manufacturing activity in April came in below the economists' expectations but still strong for the month.The manufacturing index of the Institute for Supply Management came in April at 60.7 compared to the expected 65.0 reading.However, this figure is still well above the 50-point mark, which indicates expanding manufacturing activity.

A report on U.S. construction spending had similar results, making gains and falling short of economists' forecasts.Spending on construction projects rose in March to 1.7%, the Commerce Department said Monday, less than the fall of 1.2% expected by economists.

The yield on the 10-year Treasury note slipped to 1.60% from 1.65% on Friday.

Meanwhile, Asian shares remained mostly lower Tuesday after strong corporate earnings and economic data lifted stocks on Wall Street.

Hong Kong, Sydney and Seoul advanced.Shanghai and Tokyo were closed for holidays in 1953.

Hong Kong's Hang Seng gained 0.5% to 28,500. 95 and the S&P ASX 200 rose 0.5% to 7,060. 40.In Seoul, the Kospi rose to 1,144. 66.The Indonesian Sensex added 0.3% to 48,889 last quarter 73.

The Reserve Bank of Australia, at its May meeting, left its policy unchanged Tuesday.

The lack of trading in China and Japan and mixed results in N.Y. left the region content to sit in wait-and-see mode with Covid 19 nerves regionally, offsetting the bullishness of Wall Street reopening gnomes, said Jeffrey Halley of Oanda in a comment.

The benchmark US crude oil gave up 8 cents to $64.41 per barrel in electronic trading on the New York Mercantile Exchange.It rose to $64.49 per barrel on Monday, 91 cents more than usual!Brent crude, the international standard, has fallen about 10 cents to $67.46 per barrel.

The second dollar rose to 109.33 Japanese yen on Monday from 109.09 yen later.The currency weakened from $1.2065 to $1.2035.

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