US stocks were moving higher in early trading today (November 13th) as traders welcomed positive corporate earnings news.
Wal-Mart Stores rose 3.7 per cent after reporting better-than-expected income and revenue. Media conglomerate Viacom rose two per cent, to $70.62 (£44.87) after its own results beat forecasts.
Cisco Systems rose 1.4 per cent to $25.46, while DreamWorks Animation soared 16 per cent to $25.95. It is asking for more than $30 a share from Hasbro, according to reports.
The Standard & Poor’s 500 Index added 0.3 per cent to 2,043.40 at 9:58 ET in New York, while the Dow Jones Industrial Average rose 0.3 per cent, to 17,667.46.
"One of the positives for the market are positive reactions from retail names to earnings," Joe Bell, a Cincinnati-based senior equity analyst at Schaeffer’s Investment Research Inc. told Bloomberg.
"A lot of the consumer discretionary sector had low expectations coming into this season, but we saw positive results from Macy’s yesterday and Wal-Mart today," he added.
Recent Thomson Reuters data showed that of 453 companies in the S&P 500 to report this quarter, 74.8 per cent beat expectations, above the 63 per cent average rate since 1994 and 67 per cent for the past four quarters.
Positive employment data also lifted sentiment. Weekly initial jobless claims rose 12,000 to 290,000, above expectations for 280,000 claims.
"What we've seen is the market kind of inching out little gains," Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois, told Reuters.
Find up to date information on the FTSE 100 and spread betting strategies at City Index.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.