Stocks headed higher in trading on Wednesday after strong earnings from some major players.
The Tech-heavy Nasdaq led the way, setting another closing all-time high. The S&P 500 also broke through for a record, while the Dow Jones industrial average came up just short.
We’ve got all the headlines, but first the scoreboard:
- Dow: 21,624.96, +50.23, (+0.23%)
- S&P 500: 2,473.18, +0.51, (+0.51%)
- Nasdaq: 6,384.14, +39.79, (+0.63%)
- US 10-year yield: 2.268%, +0.005
- WTI crude oil: $US47.11, +0.71, +1.53%
- Morgan Stanley beat on earnings. The bank delivered earnings of $US0.87 a share, up from $US0.75 in the second quarter of 2016 and ahead of the $US0.76 expected by analysts. Institutional securities, which houses sales and trading and investment banking, generated $US4.8 billion in revenue, up from $US4.6 billion a year ago, driven by a strong performance in investment banking and in equities trading.
- United Airlines’ earnings came in higher than expected. The airline posted adjusted earnings per share of $US2.75, versus analysts’ consensus forecast of $US2.67. Revenue also came in higher than expected at $US10 billion, up 6.4 per cent year over year, versus analysts’ consensus of $US9.97 billion. The company did cite rising labour costs as a pressure point for its profit margins.
- Facebook may test out a paywall. The social network has started briefing publishers on the forthcoming subscription service and hopes to start testing it by October, a person familiar with the matter told Business Insider. While details are still being ironed out, Facebook is currently telling publishers they will be able to show at least 10 free articles per month before the paywall kicks in.
- Snap is launching a news show with NBC. Starting Wednesday, NBC News will produce the show, which is called “Stay Tuned,” twice a day for Snapchat’s 166 million users. Each edition will cover the biggest news stories of the day and be a crisp two to three minutes in length.
- Republicans are still trying to save their healthcare bill. The GOP senate conference met at the White House to try and come together on their healthcare bill. Senate Majority Leader Mitch McConnell said he expects to hold a vote next week.