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U.S. Stocks Rise in Early Trading After Solid Earnings Reports

Banks and industrial companies gained the most. The British pound surged while the country's main stock index faltered after the Bank of England held off on cutting interest rates

A statue of George Washington overlooks the New York Stock Exchange, Thursday, July 14, 2016, in New York., photo: AP/ Mark Lennihan
1 year ago

NEW YORK — Stocks are heading higher in early trading Thursday after solid earnings reports from several companies. Banks and industrial companies gained the most. The British pound surged while the country’s main stock index faltered after the Bank of England held off on cutting interest rates.

KEEPING SCORE: The Dow Jones industrial average rose 147 points, or 0.8 percent, to 18,519 at 10:07 a.m. Eastern time. The Standard & Poor’s 500 index gained 15 points, or 0.7 percent, to 2,167. The Nasdaq composite increased 31 points, or 0.6 percent, to 5,037.

IN THE BANK: JPMorgan Chase jumped $1.58, or 2.5 percent to $64.74 after topping second-quarter earnings projections on higher trading revenue. Citigroup and Wells Fargo report on Friday.

YUM RESULTS: KFC owner Yum Brands surged $3.17, or 3.7 percent, to $88.91 after reporting better-than-expected profit despite soft sales at some of its brands.

DELTA RISING: Delta Air Lines rose 82 cents, or 2 percent, to $40.38 after reporting second-quarter profits that beat expectations. Lower fuel prices have helped airlines earn big profits.

BRITISH FOCUS: Stocks in London came off session highs after the Bank of England surprised investors with its decision not to cut interest rates despite evidence the British economy has faltered in the wake of the vote to leave the European Union. The FTSE 100 edged up 0.2 percent.

POUND GAINS: The Bank’s decision not to act sent investors into the British currency, pushing it up to $1.3367 from $1.3160 a day earlier.

REST OF EUROPE: Germany’s DAX was up 1.8 percent while the CAC-40 in France rose 1.5 percent.

ASIA’S DAY: Japan’s Nikkei closed nearly 1 percent higher as the yen weakened against the dollar. Hong Kong’s Hang Seng index rose 1.1 percent. South Korea’s KOSPI was up 0.2 percent.

ENERGY: Benchmark U.S. crude rose 35 cents to $45.10 a barrel in New York. Brent crude, a standard for international oil prices, added 50 cents to $46.76 a barrel in London.

BONDS AND CURRENCIES: Bond prices fell. The yield on the 10-year Treasury note rose to 1.54 percent from 1.48 percent. The euro inched up to $1.1117 from $1.1114 and the dollar rose to 105.67 yen from 104.33 yen.

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