Breaking News
Investing Pro 0

Oil, earnings lift Wall Street but Intel drags

Stock Markets Oct 19, 2016 04:18PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Traders work on the floor of the NYSE
 
US500
-0.57%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
-0.13%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
INTC
-3.74%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
HAL
-1.02%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MS
-0.65%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
LCO
+1.53%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Chuck Mikolajczak

NEW YORK (Reuters) - U.S. stocks notched a second straight day of gains on Wednesday, as climbing oil prices lifted the energy sector and earnings from Morgan Stanley provided a boost to financials.

Brent crude settled up 1.9 percent and U.S. crude settled up 2.6 percent after touching a 15-month high following a government report that showed a sharp drop in domestic inventories for the sixth week in seven.

The energy sector (SPNY) rose 1.4 percent, its biggest gain in seven sessions. A 4.2-percent rise in Halliburton (N:HAL) also provided a boost after the world's No.2 oilfield services provider posted third-quarter results.

Morgan Stanley (N:MS) gained 1.9 percent after posting a better-than-expected quarterly profit to round out a string of solid results from big U.S. banks. The financial sector (SPSY) has risen in three of the past four sessions for a 1.7 percent advance.

"We’re up because the (earnings) numbers are so great, the forward guidance is great and the banks just knocked it out of the park," said Ken Polcari, Director of the NYSE floor division at O’Neil Securities in New York.

"In the end, this quarter of earnings will not be negative, they will be slightly positive after it is all said and done."

A disappointing revenue forecast from Intel (O:INTC) capped the advance on Wall Street, however. The chipmaker tumbled 5.9 percent as the biggest drag on each of the three major indexes. The PHLX semiconductor index (SOX) shed 0.45 percent.

With 70 companies in the S&P 500 having reported earnings through Wednesday morning, 80 percent have topped earnings' expectations. Third quarter earnings are now expected to increase 0.5 percent, according to Thomson Reuters I/B/E/S, which would be the first quarter of growth in five.

The Dow Jones industrial average (DJI) rose 40.68 points, or 0.22 percent, to 18,202.62, the S&P 500 (SPX) gained 4.69 points, or 0.22 percent, to 2,144.29 and the Nasdaq Composite (IXIC) added 2.58 points, or 0.05 percent, to 5,246.41.

The U.S. economy showed some signs of rising wage pressures in September and early October but overall compensation growth remained modest, the Federal Reserve said in its Beige Book report.

The third and final U.S. presidential debate between Republican Donald Trump and Democrat Hillary Clinton is set to begin on Wednesday at 9 p.m. EDT (0100 GMT Thursday).

Advancing issues outnumbered declining ones on the NYSE by a 2.40-to-1 ratio; on Nasdaq, a 1.52-to-1 ratio favored advancers.

The S&P 500 posted 10 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 62 new highs and 56 new lows.

About 5.97 billion shares changed hands in U.S. exchanges, below the 6.45 billion daily average over the last 20 sessions.

Oil, earnings lift Wall Street but Intel drags
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email