NEW YORK, April 28 — Wall Street stocks jumped early today, extending April’s upward trend after mixed earnings from a wide range of large companies.
About 15 minutes into trading, the Dow Jones Industrial Average stood at 24,445.95, up 1.3 per cent, putting it on track for a fifth straight increase.
The broad-based S&P 500 also gained 1.3 per cent to 2,915.41, while the tech-rich Nasdaq Composite Index advanced 0.7 per cent to 8,794.16.
After a brutal March, stocks have risen most of April as investors bet that the coronavirus outbreak has stabilised and anticipate a lift from unprecedented fiscal and monetary stimulus enacted in the wake of economic shutdowns to combat the ailment.
Earnings from a slew of large companies were mixed.
3M reported higher profits following a surge in demand for its N95 “respirator” masks, while Caterpillar reported a drop in profits on a weak outlook for commodities and warned that second-quarter results would suffer further.
Pfizer confirmed its full-year forecast, saying increased consumer purchases of medications offset the hit from cessation of non-essential surgical procedures. PepsiCo withdrew its full-year forecast, citing uncertainties in the global economy. — AFP