By Shreyashi Sanyal
(Reuters) – US stocks rose on Wednesday, with strong gains from IBM United Technologies and Procter & Gamble leading to
International Business Machines Corp. (N 🙂 jumped 8.78% and led the Dow Jones Industrial Average () earnings after the technology services company predicted a 201
6.65 percent increase of United Technologies Corp. (N :), which reported better than expected earnings, helped boost the S & P () industrial sector by 1.05%. Incident (N 🙂 and 3M Co (N 🙂 increased between 0.5% and 1.2%. Wall Street gains more than 1% loss on Tuesday due to worries about global growth due to the dark economic prospects of the International Monetary Fund, signs of further cooling in the Chinese economy and mixed reports on US-China trade talks
] one day as yesterday, a profit-driven rebound is not unusual, "says Michael Antonellie, managing director of institutional trading at Robert W. Baird in Milwaukee.
" UTX, as an industrial company, is definitely something that invests Tories look for hints about the impact of the global economic slowdown. The fact that it provided a strong forecast shows that the US economy is in fact solid.
Relieving some concerns about trade talks, White House Economic Adviser Kevin Hasse said he believed the US and China could reach a trade deal by the deadline of March 1.
At 9:56 am) rose 283.95 points, or 1.16%, at 24 688.43, the S & P 500 () increased by 18.80 points, or 0.71%, at 2,651.70 , while Nasdaq Composite () climbed 58.66 points, or 0.84%, at 7,079.02. Despite a retreat Tuesday, the benchmark S & P 500 () is less than 10 percent of its record high on September 20 and has risen by about 6 percent this year. Procter & Gamble Co (N 🙂 rose 5.98%, helping the consumer goods sector to grow by 1.41% after its quarterly earnings beat Wall Street expectations.
The biggest loser in the sector was Kimberly-Clark Corp (N :), which dropped 1.96% after its quarterly profit, missed analysts' forecasts due to rising raw material costs and a strong US dollar
() rose 0.93% to 6.35% from Comcast Corp (O :), a cable vendor that beat analysts' predictions about revenue losses from videos with lower-than-expected losses. (N) dropped by 1.36% after the healthcare company missed a quarterly revenue forecast due to lower generic drug sales in emerging markets and gave a forecast for the current quarter. Of the 61 companies in the S & P 500 that reported on Tuesday, 78.7% beat Wall Street's earnings forecast, which is above the historical average of 64%, according to data from Refinitiv.
However, revenue growth forecasts have fallen to 14.1% from 20.1% at the beginning of October.
Problems with progress exceeded the number of losers from the NYSE 2.83 to NYSE ratio and the 2.83 to NASDAQ ratio.
The S & P index recorded three new 52-week highs and no new bottoms while the Nasdaq recorded 11 new peaks and 14 new levels.