Why the Dow's Holding Steady Today
The stock market rose slightly this afternoon, as investors seemed content to wait for details about a Greek deal agreeing to economic reforms and spending cuts in exchange for a possible 130 billion euro bailout. Just before 2 p.m. EST, the Dow Jones Industrials (INDEX: ^DJI) were up 24 points to 12,908, while the S&P 500 was up 3 points at 1,353.
United Technologies (NYS: UTX) was the Dow's big winner, rising 2.4%. Rolls-Royce, which, like United Tech's Pratt & Whitney unit, makes aircraft engines, saw rising profit on demand for new engines, suggesting that the industry is participating in the recovery of the overall economy. In addition, rumors surfaced that United Technologies may be considering a sale of its pump and compressor units in order to raise money for its buyout of Goodrich (NYS: GR) .
American Express (NYS: AXP) rose more than 1% after rival Visa (NYS: V) announced a strong fiscal first quarter last night. Visa's earnings rose 21% on sales growth of 14%, and unlike American Express, Visa doesn't have to worry about the credit quality of its cardholders, because issuing banks take responsibility for any losses.
Finally, Boeing (NYS: BA) rose 0.7% on news that a recently discovered problem with the fuselage on its 787 Dreamliner aircraft won't cause significant production slowdowns. The project, which has already faced delays, represents a large part of the company's strategy for the coming years.
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At the time this article was published Fool contributor Dan Caplinger doesn't own shares of the companies mentioned. You can follow him on Twitter here. Motley Fool newsletter services have recommended buying shares of Visa and writing a covered strangle position in American Express. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool has a disclosure policy.