Wall Street Up for 8th Consecutive Day
In the middle of earnings season, it's financial reports that should drive stocks, and today that's exactly what's happening. A number of strong earnings reports from a wide range of industries are driving stocks higher. The Dow Jones Industrial Average has climbed 0.35% as of 3:20 p.m. EST, and the S&P 500 is up 0.43%.
Procter & Gamble was the big winner on the Dow, jumping 3.5% after reporting earnings. Revenue rose just 2% to $22.18 billion, but analysts had only expected $21.86 billion. The bottom-line results were even better, with earnings coming in $0.11 higher than estimates at $1.22 per share. Investors had been concerned about a deteriorating bottom line, so this should put that to rest for the time being.
Halliburton is the talk of the energy industry today, and its stock is up 5% in the session. In the latest quarter, the company's profit fell 26% to $669 million, or $0.72 per share, but the company has survived a decline in U.S. drilling better than investors expected. The lower results still topped estimates, and investors are hoping that growing revenue in international markets will present new opportunities for the company.
All but seven of the Dow's 30 components are up today, and the one leading the losers is Caterpillar , down 1.3%. The company reports fourth-quarter earnings on Monday, but it did say that global machinery sales fell 1% from a year ago, while engine sales dropped 2%. Mining companies aren't spending the way they did a year ago, and it's impacting Caterpillar's results.
There's a lot of momentum in the stock market right now, and the S&P 500 is set to hit its eighth straight day in the black.
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The article Wall Street Up for 8th Consecutive Day originally appeared on Fool.com.Fool contributor Travis Hoium has no position in any stocks mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings, or follow his CAPS picks at TMFFlushDraw. The Motley Fool recommends Halliburton and Procter & Gamble. The Motley Fool owns shares of Halliburton. 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 Motley Fool has a disclosure policy.