Stocks rally ahead of Facebook earnings
Stocks rose Wednesday, with Facebook hitting an all-time high, as trade worries took a backseat to a batch of stronger-than-expected earnings. Stocks jumped in the final hour of trading following reports of a trade deal between the US and the European Union. The dollar and Treasury yields fell.
Here's the scoreboard:
Dow Jones industrial average: 25,414.98 +173.04 (+0.69%)
S&P 500: 2,840.32 +19.92 (+0.71%)
- European Commission President Jean-Claude Juncker reportedly agreed to certain trade concessions in an Oval Office meeting with President Donald Trump. The president has previously appeared intent on ramping up protectionist measures on the EU. While Juncker was en route to Washington on Tuesday, Trump tweeted that tariffs "are the greatest."
- The European Union earlier announced it was preparing retaliatory tariffs on $20 billion worth of US products. EU officials had warned the duties would be enacted if President Donald Trump follows through with the 25% tariff on car imports to the US he has threatened.
- New homes sales in the US dropped to an eight-month low in June. Sales of new single-family units fell 5.3% last month, the Commerce Department said, a drop more than double the size that economists had forecast.
- US crude inventories fell to the lowest point since February 2015. The 6.15 million barrel drawdown, reported by the Energy Information Administration, was larger than expected. Prices of West Texas Intermediate, the US benchmark, jumped more than $1 to $69.25 a barrel following the EIA report.
- Earnings season rolls on. Coca-Cola and UPS posted stronger-than-expected numbers for the second quarter. Boeing fell short of analyst expectations and disappointed on guidance. General Motors topped Wall Street estimates but cut its profit forecast amid tariff concerns.
And a look at the upcoming economic calendar:
- Facebook posts earnings after the bell; Amazon and Twitter report later this week.
- The European Central Bank holds a policy meeting.
- Factory order numbers are out in the US.
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- Rupee slumps 76 paise to close at 82.61 against US dollar
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