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U.S. Stocks Close at Records Amid Data, Earnings Reports-July 19
 

U.S. stocks closed at record highs on Wednesday as investors sifted through the country's housing data and a batch of corporate quarterly reports.

The Dow Jones Industrial Average was up 66.02 points, or 0.31 percent, to 21,640.75. The S&P 500 added 13.22 points, or 0.54 percent, to 2,473.83. The Nasdaq Composite Index gained 40.74 points, or 0.64 percent, to 6,385.04.

U.S. Commerce Department said on Wednesday that privately-owned housing starts in June jumped 8.3 percent to a seasonally adjusted annual rate of 1.215 million units, the highest level since February. The latest reading was higher than market estimates of 1.170 million.

In corporate news, Wall Street giant Morgan Stanley said on Wednesday that the company earned 87 cents per share for the second quarter, 11 cents a share above market estimates.

Morgan Stanley also raised its dividend 25 percent and added 5 billion U.S. dollars to its share repurchase program. The company' s shares rose more than 3 percent after the report.

U.S. technology company IBM reported on Wednesday that its adjusted quarterly profit was 2.97 U.S. dollars per share, beating estimates of 2.74 U.S. dollars a share.

However, the firm's revenue fell short of estimates and declined for the 21st consecutive quarter. IBM also saw profit margins drop across all its units. Its stock slumped over 4 percent after the report.

Earnings season has gotten off to a solid start. Of the 53 S&P 500 components that had reported, 77 percent exceeded earnings expectations while 75 percent topped on revenue, according to the latest data from consulting firm The Earnings Scout.


(www.chinaview.cn 2017-07-20)
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