Corporate Earnings Push US Stock Market Close to Record Highs

The S&P 500 rose to another new high Thursday and is now within range of 2,000.
The Dow Jones industrial average was flat and the Nasdaq moved higher as investors focused on the latest batch of earnings.

Overall, corporate earnings for the second quarter have been strong. Of the 148 members of the S&P 500 that have reported earnings as of Wednesday, 102 have been better than expected, according to S&P Capital IQ.

All-time high for Facebook: Facebook shares soared 7% to a record after posting earnings that blew away expectations.

Qualcomm shares plunged due to worries over the company’s business in China. Qualcomm is being investigated under China’s anti-monopoly law. The tech firm said in its quarterly report that some clients in the country are “not fully complying with their contractual obligations.”

via CNN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza