US STOCKS-Wall St climbs as earnings gather pace; AmEx boosts Dow


Reuters

* Apple up after Morgan Stanley, Stifel raise PTs
    * Investors eye first round of French election this Sunday
    * Indexes up: Dow 0.81 pct, S&P 0.71 pct, Nasdaq 0.86 pct

 (Updates to open)
    By Tanya AgrawalApril 20 (Reuters) - U.S. stocks were higher in early
afternoon trading on Thursday, with gains in American Express
keeping the Dow Jones Industrial Average largely on track to
snap a two-day losing streak.
    The credit card company <AXP.N> was up 5.5 percent after
reporting a smaller-than-expected drop in quarterly profit on
Wednesday. [nL3N1HR5EY]
    Apple <AAPL.O> rose 1.5 percent after Morgan Stanley and
Stifel raised their price targets on the stock, helping lift
both the S&P 500 and the Nasdaq.
    "As we see a steady stream of earnings, on balance the
season has been better and that's helping the market today,"
said Art Hogan, chief market strategist at Wunderlich Securities
in New York.
    With Wall Street near record levels and worries over
President Donald Trump's ability to deliver on his pro-growth
promises, investors are hoping first-quarter earnings will be
strong enough to justify lofty market valuations.
    Of the 82 companies in the S&P 500 that have reported
earnings through Thursday afternoon, about 75 percent have
topped expectations, according to Thomson Reuters data, above
the 71 percent average for the past four quarters.
    Overall, profits of S&P 500 companies are estimated to have
risen 11.1 percent in the quarter, the best since 2011.
    However, mounting tensions between North Korea and the
United States and the looming French presidential elections
continued to weigh on investors' minds.
    "Investors are definitely nervous about the upcoming French
elections and the situation in North Korea and Syria. Friday
should be a risk-off trading day ahead of the election," Hogan
said.
    A closely watched poll showed Centrist Emmanuel Macron hung
on to his lead as favorite to win France's presidential election
in a four-way race that is too close to call. [nL8N1HR1B4]
    Oil prices were little changed in a seesaw trading session,
as investors weighed rising U.S. production against comments
from leading Gulf oil producers that an extension to OPEC-led
supply cuts was likely. [O/R]
    Oil majors Chevron <CVX.N> and Exxon <XOM.N> were up about
1.3 percent.
    At 12:36 p.m. ET (1636 GMT) the Dow Jones Industrial Average
<.DJI> was up 164.63 points, or 0.81 percent, at 20,569.12 and
the S&P 500 <.SPX> was up 16.66 points, or 0.71 percent, at
2,354.83. The Nasdaq Composite <.IXIC> was up 50.18 points, or
0.86 percent, at 5,913.21.
    Seven of the 11 major S&P sectors were higher, with the
industrials index's <.SPLRCI> 1.2 percent rise leading the
advancers, helped by gains in CSX Corp <CSX.O>.
    The stock jumped 6.7 percent to $50.11 after the No. 3 U.S.
railroad operator's quarterly profit beat estimates. The stock
was among the biggest boosts to the S&P.
    Philip Morris <PM.N> fell 3.8 percent to $109.53 after the
tobacco maker's first-quarter profit forecast fell below
estimates.
    Key companies scheduled to report results on Thursday
include Dow component Visa <V.N> and toymaker Mattel <MAT.N>.
    Advancing issues outnumbered decliners on the NYSE by 2,007
to 787. On the Nasdaq, 2,060 issues rose and 704 fell.
    The S&P 500 index showed 30 new 52-week highs and one new
low, while the Nasdaq recorded 88 new highs and 25 new lows.

 (Reporting by Tanya Agrawal; Editing by Anil D'Silva)
 ((tanya.agrawal@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6749 1130; Reuters Messaging:
tanya.agrawal.thomsonreuters.com@reuters.net))

Keywords: USA STOCKS/ (UPDATE 4)



This article appears in: Politics , World Markets , US Markets , Oil , Stocks
Referenced Symbols: AAPL , AXP , CSX , CVX , DJI


More from Reuters

Subscribe






See headlines for AAPL

Follow on:








Research Brokers before you trade

Want to trade FX?