NEW YORK (CNNMoney) -- U.S. stocks held modest gains Thursday as investors weighed the latest corporate results against signs of economic weakness.
The advance came despite a rash of disappointing economic reports. Investors were encouraged by some better-than-expected corporate results, though the outlook for profits in the second half of the year is murky.
Analysts say the market's resiliency suggests investors are in a holding pattern, with a bias toward buying selective stocks, as they struggle with a lack of direction.
"The market is stuck in limbo until we get much better fundamental news or a more significant sell-off," said Bruce McCain, chief investment strategist at Key Private Bank. "It's like being poised on a ledge, halfway down the mountain, not sure if you're going up or down."
The Dow Jones industrial average (INDU) gained 34 points, or 0.2%, to end the day at 12,943. The S&P 500 (SPX) edged up 4 points, or 0.3%, to 1,376. The Nasdaq (COMP) advanced 23 points, or 0.8%, to 2,966.
Investors had been bracing for a lackluster quarter, but the bulk of corporate results have come in above expectations.
Of the 77 S&P 500 companies that have reported earnings through Wednesday, 48 have topped forecasts, according to research from S&P Capital IQ.
"The market seems to be responding to corporate profits which are not a disaster," said Nick Kalivas, market strategist at investment research firm Hadrian Partners, in a note to clients.
The dollar gained ground against the euro, but fell versus the British pound and Japanese yen.
Oil for August delivery rose $2.79 to settle at $92.66 a barrel. Oil prices have not traded above $90 a barrel since late May.
No comments:
Post a Comment