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 April 20, 2017 - 10:32 AM EDT
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Stocks Roll with Earnings Season

Stocks Roll with Earnings Season

U.S. stocks rose on Thursday as more companies released quarterly results while oil prices tried to rebound from their worst one-day performance since March.

The Dow Jones Industrial Average gained 81.28 points to 20,485.77, after the blue-chip index dropped 200 points in the past two days. American Express contributed the most gains.

The S&P 500 recovered 8.84 points to 2,347.01, with energy rising about 1% to lead advancers.

The NASDAQ Composite added 29.53 points to 5,892.56.

Dow component American Express reported better-than-expected first-quarter earnings, lifted in part by higher spending numbers from card members.

Verizon, another Dow member, missed the mark on both earnings and revenue. The company attributed a 5.1% drop in sales to decreased overage revenue, lower postpaid customers in the quarter and continued promotional activity.

Other firms with earnings announcements set for today include Travelers, Blackstone, Philip Morris, ABB, and Bank of NY Mellon

In economic news, initial jobless claims rose to 244,000, topping expectations, while the Philadelphia Fed business index fell to 22 in April from 32.8 in March. Leading indicators rose more than expected in March.

Investors also looked ahead to the first round of the French presidential election, which is scheduled for Sunday. Uncertainty around the election has grown over the past month after far-left candidate Jean-Luc Melenchon's surprising surge in the polls.

According to French pollster Ifop, Melenchon was just five percentage points behind the front-runner, centrist Emmanuel Macron as of Wednesday.

Prices for the benchmark 10-year Treasury note were lower, lifting yields to 2.24% from Wednesday's 2.21%. Treasury prices and yields move in opposite directions.

Oil prices eased lower six cents at $50.38 U.S. a barrel

Gold prices dropped 30 cents at $1,283.10 U.S. an ounce.


Source: Livemoney US Market Commentary (April 20, 2017 - 10:32 AM EDT)

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