Stocks Higher After Earnings Reports 07/22 09:14
Solid earnings for a range of companies helped nudge the stock market higher
in early Tuesday trading. The restaurant chain Chipotle and Comcast, the giant
cable company, surged after reporting better results than Wall Street expected.
NEW YORK (AP) -- Solid earnings for a range of companies helped nudge the
stock market higher in early Tuesday trading. The restaurant chain Chipotle and
Comcast, the giant cable company, surged after reporting better results than
Wall Street expected.
KEEPING SCORE: The Dow Jones industrial average rose 53 points, or 0.3
percent, to 17,103 as of 10:06 a.m. Eastern time. The Standard & Poor's 500
index added eight points, or 0.4 percent, to 1,982. The Nasdaq composite
advanced 26 points, or 0.6 percent, to 4,451.
MORE BURRITOS: After the market closed Monday, Chipotle Mexican Grill
reported that stronger sales drove its quarterly profit up 26 percent. The
restaurant chain's results beat analysts' expectations, even as it raised
prices on a range of menu items. Chipotle surged $68.42, or 12 percent, to
$658.10 early Tuesday, the biggest gain in the S&P 500 index.
PLUGGED IN: Comcast, the country's largest cable company, reported quarterly
profits that topped Wall Street's targets, as more people signed up for
Internet service. Comcast gained 81 cents, or 1.5 percent, to $54.63.
COKE: Weak sales of Diet Coke and fruit juice weighed down Coca-Cola's
second-quarter results, leading the company to post and weaker revenue than
Wall Street expected. Overall profit fell slightly. Coca-Cola's stocksank
$1.21, or 3 percent, to $41.20.
BIG WEEK: Nearly a third of the big companies in the S&P 500 index will
announce their quarterly results this week, including AT&T and Boeing on
Wednesday, followed by Visa and Amazon on Thursday. Apple reports after the
closing bell on Tuesday.
EUROPE: Major stock markets in Europe were mostly higher Tuesday. Both
Germany's DAX and France's CAC-40 picked up 1 percent. Britain's FTSE 100
advanced 0.9 percent.
BONDS AND OIL: U.S. government bond prices fell. The yield on the 10-year
Treasury note rose to 2.49 percent. Benchmark U.S. crude oil fell 11 cents to
$102.75 a barrel.