Wall Street managed a modest advance yesterday as investors concentrated on solid second-quarter earnings and shrugged off higher oil prices...
NEW YORK — Wall Street managed a modest advance yesterday as investors concentrated on solid second-quarter earnings and shrugged off higher oil prices and a drop in petroleum reserves.
Investors were anticipating more good earnings news after Harley-Davidson and Abbott Laboratories released strong quarterly results.
“Earnings are very good, corporations are flush with cash and we’re seeing more dividend increases occurring,” said Joe Lisanti, editor of Standard & Poor’s weekly newsletter The Outlook. “We’re going to see more investors pleased with their returns.”
Stocks briefly gave up some early gains after the Energy Department reported that crude-oil and gasoline supplies declined again last week. Some production in the Gulf of Mexico was disrupted due to Tropical Storm Cindy and Hurricane Dennis.
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A barrel of light crude closed at $60.01, down 61 cents, on the New York Mercantile Exchange.
The Dow Jones industrial average rose 43.50, or 0.41 percent, to 10,557.39.
In Northwest stocks, Boeing increased by 28 cents to close at $64.58. Microsoft rose 5 cents to close at $25.66.
Broader stock indicators also advanced. The Standard & Poor’s 500 rose 1.08, or 0.09 percent, to 1,223.29 and the Nasdaq composite index rose 0.96, or 0.04 percent, to 2,144.11.
Bonds fell, with the yield on the 10-year Treasury note rising to 4.16 percent from 4.14 percent late Tuesday. The dollar fell against the euro, while gold prices were unchanged.
Stocks had opened higher on news that the U.S. trade deficit fell by 2.7 percent in May to $55.3billion, the best showing since March, the Commerce Department reported.
“It’s not surprising, given the flat market we’ve had, that people want to wait and see how the first earnings reports look before they commit dollars,” said Susan Malley, chief investment officer for Malley Associates Capital Management.