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Sunday July 22nd, 2018 10:24PM

US stocks edge higher; Pepsi rallies after 2Q report

By The Associated Press
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NEW YORK (AP) — U.S. stocks are higher Tuesday, led by technology and household goods companies. PepsiCo is gaining ground after reporting solid second-quarter results. The market has risen recently as investors expect strong earnings reports from various industries in the next few weeks.

KEEPING SCORE: The S&P 500 index added 6 points, or 0.2 percent, to 2,790 as of 11:30 a.m. Eastern time. It's on pace for its fourth gain in a row and seventh in the last eight days. The benchmark index is also on track for its highest close since Feb. 1.

The Dow Jones Industrial Average rose 121 points, or 0.5 percent, to 24,897. The Nasdaq composite inched up 5 points, or 0.1 percent, to 7,761. The Russell 2000 index of smaller-company stocks lost 4 points, or 0.3 percent, to 1,700. That index had climbed almost 4 percent over the last five days.

The U.S. and China are now in open conflict over trade, but Wall Street has focused instead on last week's strong jobs report for June as well as company earnings reports. Major U.S. banks including JPMorgan Chase and Citigroup will announce their results Friday morning.

DRINK UP: PepsiCo's beverage sales are still struggling as the company tries to adjust to Americans' changing drinking habits. The maker of Gatorade, Mountain Dew and Tropicana said sales in North America fell, but its earnings were better than expected and analysts were pleased with its results in other markets.

The stock rose 3.8 percent to $111.86.

ENERGY: Energy companies climbed with oil prices again as U.S. crude continued to trade at its highest price since late 2014. On Tuesday it added 0.2 percent to $74.01 a barrel in New York. Brent crude, used to price international oils, gained 0.7 percent to $78.60 a barrel in London.

Exxon Mobil rose 0.9 percent to $83.61 and Chevron picked up 1.1 percent to $127.38.

GUT RENO: The shakeup at Lowe's continued as the home improvement chain said its chief operating officer and several other executives are leaving because their jobs are being eliminated or assigned to other executives. Marvin Ellison became Lowe's CEO on July 2 and the company's chief financial officer announced his retirement in June.

Lowe's climbed 1.9 percent to $98.77.

JAMMED: J.M. Smucker said it will sell its U.S. baking business, including Pillsbury. Brynwood Partners will buy the division for $375 million. Smucker said the business had about $370 million in sales over its last fiscal year and the sale will reduce its adjusted profit by 25-30 cents a share this year. The stock declined 2.5 percent to $108.13.

BONDS: Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.86 percent.

EARLY LOSERS: Financial and consumer-focused companies took small losses. Charles Schwab lost 0.7 percent to $51.55 and Raymond James dipped 0.5 percent to $91.89. Cable company Charter lost 0.9 percent to $305.39 and toymaker Mattel slid 1.5 percent to $17.36.

CURRENCIES: The dollar rose to 111.22 yen from 110.82 yen. The euro fell to $1.1727 from $1.1749.

OVERSEAS: France's CAC 40 was up 0.6 percent and the German DAX added 0.7 percent. The FTSE 100 index of British shares rose 0.1 percent. The FTSE 100 has rallied over the last few days as investors saw signs Britain would keep closer trade ties with the European Union after it leaves the EU.

A cabinet meeting held Friday by Prime Minister Theresa May yielded plan that favors closer trade ties including a partial free trade zone.

Japan's benchmark Nikkei 225 added 0.7 percent and South Korea's Kospi gained 0.4 percent. In Hong Kong the Hang Seng dipped less than 0.1 percent.

___

AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jay

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
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