Mixed earn­ings re­ports send stocks higher

The Norwalk Hour - - BUSINESS -

Stocks edged higher, while Trea­suries ad­vanced as an on­go­ing pause in trade ten­sions out­weighed a mixed start to earn­ings sea­son.

The S&P 500 In­dex rose for a sec­ond week, break­ing through the key 2,800 level for the first time since March. Big banks opened earn­ings with mixed re­sults, while AT&T Inc.’s stock slumped af­ter the Jus­tice Depart­ment said it will ap­peal an an­titrust rul­ing in fa­vor of the com­pany. Shares of Cisco Sys­tems Inc. tum­bled af­ter re­ports Ama­zon.com Inc. is con­sid­er­ing be­com­ing a com­peti­tor, drag­ging down net­workinge­quip­ment com­pa­nies.

The dol­lar saw its largest weekly gain in a month, while the 10-year Trea­sury yield clung to its first weekly ad­vance in five. The ru­ble de­clined af­ter Spe­cial Coun­sel Robert Mueller in­dicted 12 Rus­sian spies for hack­ing. West Texas crude climbed to above $70 a bar­rel.

“Trade is­sues aren’t go­ing away, in­vestors are go­ing into ar­eas per­ceived to be safer. And as long as you’ve got a mar­ket where there is ro­ta­tion, that’s telling you in­vestors are still pre­pared to be ex­posed to the stock mar­ket,” Quincy Krosby, chief mar­ket strate­gist at Pru­den­tial Fi­nan­cial Inc., said by phone.

Traders may get some re­lief as earn­ings sea­son gets un­der­way in earnest. Trade ten­sions seemed to ease some­what, with of­fi­cials in Bei­jing ap­pear­ing to mod­er­ate their responses to Trump’s tar­iff threats amid a slow­ing econ­omy, fall­ing stock mar­ket and weak­en­ing cur­rency. Still, China’s monthly trade sur­plus with the U.S. rose to a record in June and ex­ports to the na­tion also soared, un­der­lin­ing the cause of the es­ca­lat­ing trade war.

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