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Wall St ticks higher on earnings reports

Wednesday, July 23 16:28:56

The S and P 500 hit a record high today, lifted by bullish earnings from companies like Apple and Microsoft, though technical resistance and conflicts in Ukraine and the Gaza Strip kept gains in check.

The S and P touched a record above 1,989 but the 1,985-1,990 area was developing into technical resistance, analysts said.

News of two Ukrainian fighter jets being downed Wednesday, near the area where a passenger jet was shot down last week, added to caution on markets.

"What we have today is a testing of the (resistance level) on the S and P," said Art Hogan, chief market strategist at Wunderlich Securities in New York.

"With the addition of the fighter jets being downed in Ukraine, people are looking at the market and can't seem to find a way to break through."

Hogan said higher-than-average revenue beats by companies that have reported so far this quarter pointed to a stronger economy.

About 64.3 percent of S and P 500 components have reported revenue exceeding analyst expectations, above the 61 percent beat rate since 2002 and 55 percent over the past four quarters.

The Dow Jones industrial average fell 7.32 points, or 0.04 percent, to 17,106.22, the S and P 500 gained 5.1 points or 0.26 percent, to 1,988.63 and the Nasdaq Composite added 21.89 points or 0.49 percent, to 4,477.90. (Reuters) For more visit: www.businessworld.ie