22/7/14

Stocks end higher on earnings, Fed-friendly data



U.S. stocks rose on Tuesday, lifting the S&P 500 to a record, as Wall Street considered quarterly earnings and data that cast a benign light on inflation and progress in the housing market.
"We're finally starting to see revenue growth kick in, and that's the pivot point to this earnings season so far," said Art Hogan, chief market strategist at Wunderlich Securities.

Investors embraced results by CNBC's parent company Comcast, as well as from Verizon and Chipotle Mexican Grill. Coca-Cola shares fell after the beverage maker reported a 3 percent fall in quarterly profit. McDonald's declined after the fast-food chain reported earnings that fell short of estimates.


Technology giants Apple and Microsoft will publish numbers after the close of trade. 

The consumer price index rose 0.3 percent last month after a 0.4 percent rise in May. The core measure, which does not take food and energy costs into account, increased 0.1 percent.


Read MorePrices rise in June as consumers feel pain at the pump


"There is no upside surprise to inflation expectations, which is good news because there is a cohort of investors that believe the Fed is behind the curve as it relates to inflation, and the most recent reading does not bear that out," said Hogan at Wunderlich Securities.

Another report from the National Association of Realtors had existing-home sales rising a better-than-expected 2.6 percent in June.

 
 
Symbol
Name
Price
 
Change
%Change
DJIA Dow Jones Industrial Average 17113.09
 
61.36 0.36%
S&P 500 S&P 500 Index 1983.53
 
9.90 0.50%
NASDAQ Nasdaq Composite Index 4456.02
 
31.31 0.71%

























The Dow Jones Industrial Average rose as much as 81 points, and finished 0.4 percent higher, with Intel leading blue-chip gains that included 20 of 30 components.

After rising above its July 3 record, the S&P 500 added 0.4 percent, with technology and health care leading sector gains and consumer staples and utlities the laggards among its 10 major industry groups.

Shares of Herbalife jumped as hedge-fund manager Bill Ackman alleged the company's nutrition clubs lose an average of $12,000 a year, with Tuesday's presentation by Ackman the latest in a two-year campaign to get the company shut down.


Read MoreHerbalife CFO: Ackman's bark worse than his bite

The Nasdaq climbed 0.7 percent.
For every share that fell, two gained on the New York Stock Exchange, where 435 million shares traded as of 3:55 p.m. Eastern. Composite volume approached 2.6 billion.
The dollar rose against other global currencies and the yield on the 10-year Treasury note held steady at 2.465 percent.

Gold futures for August delivery dipped $7.60 to $1,306.30 an ounce, and crude futures for August delivery shed 17 cents, or 0.2 percent, to $104.42 a barrel.

Read MoreBack to business Tuesday with blue chips, Apple


"It also feels like the international community is working hard to both broker a ceasefire in the Middle East and get to some answers on Ukraine and Malaysia fight MH17," said Wunderlich's Hogan.


In Cairo, U.S. Secretary of State John Kerry pressed Hamas for a truce in fighting between Israel and militants on the Gaza Strip that has killed more than 600 people, the vast majority of them Palestinian.

And in eastern Ukraine, pro-Russian rebels released the remains of the nearly 300 killed in the downing of the Malaysian jet shot down last week, as European foreign ministers met in Brussels to consider further sanctions against Russia, which the United States has signaled it believes supplied the missile that downed the plane.

—By CNBC's Kate Gibson and Evelyn Cheng.

Coming Up This Week:
Wednesday
Earnings: Boeing, Pepsico, AT&T, Facebook, Dow Chemical, EMC,Gilead Sciences, Qualcomm, General Dynamics, Norfolk Southern,Owens Corning, Omnicare, Praxair, Whirlpool, Delta Airlines, Biogen Idec, Northrup Grumman, STMicro, Freeport-McMoran, Air Products,Ryder Systems, Raymond James, Glaxo Smithkliine, Cheesecake Factory, TripAdvisor, Assurant, Crown Castle, F5Networks, Angie's List

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