Breaking News

U.S. stocks steady to higher, housing data ahead; Dow Jones down 0.04%

Stock MarketsJul 24, 2013 09:52AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Investing.com - U.S. stocks opened steady to higher on Wednesday, after strong earnings reports and as markets eyed U.S. new home sales data amid ongoing uncertainty over the future of the Federal Reserve's stimulus program.

During early U.S. trade, the Dow Jones Industrial Average dipped 0.04%, the S&P 500 index eased up 0.06%, while the Nasdaq Composite index climbed 0.69%.

Stocks remained supported as weaker U.S. data recently dampened expectations that the Fed will scale back its easing program later this year.

Last week Fed Chairman Ben Bernanke said the bank could start tapering bond buying by the end of the year if the economy continues to improve, but added that there was no “preset course.”

Meanwhile, fresh concerns over a slowdown in the world's second largest economy were fuelled after the preliminary reading of China’s HSBC manufacturing PMI fell to an 11-month low of 47.7 in July, from a final reading of 48.2 last month. Analysts had expected the index to rise to 48.6.

Tech giant Apple surged 5.13% after topping analysts' earnings projections in its fiscal third quarter, even as profit declined from a year earlier and sales were largely flat.

After the close of the U.S. trading session on Tuesday, the company reported earnings of USD7.47 a share, beating the USD7.30 average estimate. The company also announced that iPhone sales grew more than expected.

In the same sector, Dell shares slid 0.33% as the company's postponed special shareholder meeting was to take place later in the day. Shareholders were to vote on Chief Executive Officer Michael Dell's takeover proposal.

Elsewhere in earnings news, Ford blew past expectations, thanks to strong pickup truck demand in North America and record profits in the Asia-Pacific region, sending shares up 2.54%.

Aircraft manufacturer Boeing also gained groun, up 0.95%, after exceeding market expectations and lifting its full-year earnings forecast, despite ongoing issues with its 787 model.

On the downsde, Caterpillar missed quarterly projections and cut its full-year outlook, sending shares down 1.64%.

Other stocks expected to be in focus included Facebook, Qualcomm, Visa and Akamai, scheduled to post second quarter results after the closing bell.

Across the Atlantic, European stock markets were sharply higher. The EURO STOXX 50 jumped 1.07%, France’s CAC 40 rallied 1.19%, Germany's DAX gained 0.94%, while Britain's FTSE 100 advanced 0.61%.

During the Asian trading session, Hong Kong's Hang Seng Index added 0.24%, while Japan’s Nikkei 225 Index slid 0.32%.

Later in the day, the U.S. was to produce official data on new home sales.

U.S. stocks steady to higher, housing data ahead; Dow Jones down 0.04%

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with 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
  • 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.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. 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.

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

Are you sure you want to delete this chart?
Write your thoughts here
Replace the attached chart with a new chart ?
Post also to:
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?
Replace the attached chart with a new chart ?
Post 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
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email