clearn.png
Wednesday February 26th, 2020 5:29AM

US stocks edge higher in midday, head for weekly gains

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — U.S. stocks edged higher in midday trading Friday as investors focused on another round of mostly solid corporate earnings.

Trading has been more subdued and cautious on Wall Street, following China's report Thursday of a surge in cases of a new virus that raised fresh concerns about global economic growth. Solid gains from earlier in the week are holding and keeping the major indexes on track for weekly gains.

Technology companies drove most of the gains. Chipmaker Nvidia was a standout with a 8.2% jump after it handily beat analysts’ profit forecasts for the fourth quarter.

Investors continue to pour through corporate earnings reports. Online travel company Expedia surged 11.4% and Sharpie maker Newell Brands rose 4.6% on solid earnings.

Real estate companies and utilities held up well. Energy and health care companies lagged the market.

Bond prices rose. The yield on the 10-year Treasury fell to 1.58% from 1.61% late Thursday.

KEEPING SCORE: The S&P 500 index rose 0.1% as of 11:50 a.m. Eastern time. The Dow Jones Industrial Average fell 26 points, or 0.1%, to 29,396. The Nasdaq rose 0.2%. The Russell 2000 index of smaller company stocks fell 0.1%. European and Asian markets were mixed.

WEEKLY RECAP: A strong first half of the week is giving way to a muted finish as investors grow more cautious following updates on the new coronavirus outbreak. The S&P 500 is on track for a weekly gain of 1.5%, while the Nasdaq is aiming for a 2.3% gain. Both set records earlier in the week.

EARNINGS UPDATE: More than three quarters of S&P 500 companies have reported earnings and the results so far show solid growth. Companies are expected to report overall profit growth of just under 1% when all the reports are in, according to estimates from FactSet.

There are still several big companies that have yet to report results and are on deck for next week. Walmart will release its report on Tuesday. Campbell Soup will report results on Thursday and Deere will report on Friday.

WEEK AHEAD: Investors are heading into a shortened week that is light on economic reports. Stock and bond markets are closed on Monday for the Presidents’ Day holiday. On Wednesday, the government will issue its report on producer prices, which measures inflation pressures before they reach consumers. Also, the Federal Reserve will release minutes from its January meeting.

Wall Street will also get some updates on the health of the housing industry. The government will release data on housing starts on Wednesday and the National Association of Realtors will release January home sales data on Friday.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Valentine's Day brings love and some worry in Iraq holy city
This Valentine’s season, Hasanain al-Rufaye is busy in his Najaf, Iraq, flower shop, wrapping bouquets and stuffing dolls into gift boxes
12:04PM ( 25 minutes ago )
Austria's Kurz: German conservatives right to shun far-right
Austrian Chancellor Sebastian Kurz has endorsed his German conservative counterparts' refusal to cooperate with the far-right Alternative for Germany
12:01PM ( 29 minutes ago )
Official says US, Taliban reach Afghanistan truce agreement
A senior U.S. official says the United States and the Taliban have reached a truce agreement that will take effect “very soon” and could lead to withdrawals of American troops from Afghanistan
11:57AM ( 32 minutes ago )
Associated Press (AP)
Trump wants $1.5B over 10 years to revive US uranium mining
The Trump administration wants to spend $1.5 billion over 10 years to create a U.S. uranium reserve, claiming that reliance on cheaper uranium imports threatens the country's energy security
11:38AM ( 51 minutes ago )
EU chief unveils budget plan setting scene for tense summit
A top European Union official unveiled Friday his proposal for the bloc's next long-term budget
11:16AM ( 1 hour ago )
Cruise stranded by virus fears ends with roses in Cambodia
Hundreds of cruise ship passengers long stranded at sea by virus fears have finally disembarked in Cambodia, where they were welcomed by the nation's authoritarian leader who handed them flowers
11:05AM ( 1 hour ago )
AP Business
Cyprus struggles to ease problem of bad loans
Defaulted loans are a prime economic issue for Cyprus, which since a 2013 financial crisis has seen overdue payments weighing on consumers and banks
9:28AM ( 3 hours ago )
The Latest: Hong Kong announces anti-virus funds
Hong Kong’s leader has unveiled a 25 billion Hong Kong dollar ($3.2 billion) fund to bolster efforts to fight the virus outbreak, as the city announced three new cases, bringing its total to 56
9:23AM ( 3 hours ago )
Global shares steady but virus concerns keep buying in check
Global shares have recovered their poise, though continuing concerns about the economic impact of the virus outbreak that began in China is keeping market gains in check
8:06AM ( 4 hours ago )
AP Business - Economy
Asian shares rebound from initial losses on virus count
Japan's benchmark Nikkei 225 has finished lower, but other regional benchmarks rebounded Friday from an early morning selloff
1:40AM ( 10 hours ago )
Asian stocks rebound from early losses as virus toll grows
Shares have rebounded in Asia after an early sell-off though Japan's Nikkei 225 declined 0.6% on Friday as investors reacted to news of a growing number of cases of a new virus among the local population
12:31AM ( 11 hours ago )
Asian stocks edge mostly lower after China virus cases spike
Asian shares mostly fell as investors turned cautious following a surge in cases of a new virus in China that threatens to crimp economic growth and hurt businesses worldwide
9:46PM ( 14 hours ago )
AP Business - Financial Markets
Valentine's Day brings love and some worry in Iraq holy city
This Valentine’s season, Hasanain al-Rufaye is busy in his Najaf, Iraq, flower shop, wrapping bouquets and stuffing dolls into gift boxes
12:04PM ( 25 minutes ago )
Austria's Kurz: German conservatives right to shun far-right
Austrian Chancellor Sebastian Kurz has endorsed his German conservative counterparts' refusal to cooperate with the far-right Alternative for Germany
12:01PM ( 29 minutes ago )
Official says US, Taliban reach Afghanistan truce agreement
A senior U.S. official says the United States and the Taliban have reached a truce agreement that will take effect “very soon” and could lead to withdrawals of American troops from Afghanistan
11:57AM ( 32 minutes ago )
Trump ignores AG Barr's request to stop tweeting about DOJ
President Donald Trump is ignoring his attorney general's public request to stop tweeting about the Justice Department
11:50AM ( 39 minutes ago )
Florida 'red flag' gun law used 3,500 times since Parkland
A Florida law that allows judges to bar anyone deemed dangerous from possessing firearms has been used 3,500 times since its enactment after a 2018 high school massacre
11:49AM ( 41 minutes ago )