US stocks at records on solid earnings, higher oil

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NEW YORK – Wall Street stocks were back in record territory early Wednesday on higher oil prices and another round of mostly good corporate earnings.

Earnings standouts included Dow member Boeing, which jumped 6.6 percent after lifting its full-year profit forecast, and AT&T, which leaped 4.8 percent after it reported a surprising increase in wireless subscribers in the second quarter.

Petroleum-linked shares such as ExxonMobil, Apache and Halliburton rose on higher oil prices.

About 10 minutes into trading, the Dow Jones Industrial Average had jumped 0.5 percent to 21,720.14.

The broad-based S&P 500 added 0.1 percent to 2,479.81, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 6,427.37.

The S&P 500 and Nasdaq ended at records Tuesday, and though the Dow fell short it is currently trading above its all-time closing high.

Analysts have been smiling throughout earnings season, with most companies topping expectations. Investors have punished the fraction of companies that have disappointed, while bidding the market to record levels.

Investors also are watching for the monetary policy announcement from the Federal Reserve later Wednesday following a two-day meeting. 

While no major announcements are expected, the statement could shed light on the Fed’s plans for reducing its balance sheet and the chances for another rate hike this year.

Among other companies reporting earnings, Coca-Cola lost 0.9 percent, United States Steel surged 10.1 percent and Ford fell 2.3 percent.



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