While traders evaluated a mixture of corporate earnings, stocks edged higher in early trading on Wall Street.
Strong earnings results in insurance firms helped raise stocks that were financial. MetLife and Allstate equally posted earnings. Tech stocks were rising, pushed by earnings.
Energy stocks and consumer staples lagged the market.
After reporting a huge loss, which weighed about the industrial sector engineering firm Fluor dropped. After increasing its revenue forecast for the 13, games manufacturer Zynga surged.
Revenue is more than a third of the way and the outcomes have been better than traders had expected. Analysts had been predicting a profit slump and their worst fears haven’t materialized.
KEEPING SCORE: The S&P 500 index rose 0.2% at 10:15 a.m. the Dow Jones Industrial Average climbed 0.1%, or 20 points, into 26,450.
RECHARGING THE BATTERY: following a heavy loss in the first quarter Tesla is hoping to raise some cash, and investors appear to approve.
The stock rose 2.7% following the electrical car maker said it would try to raise over $2 billion in a stock and debt offering. Tesla reported decreasing earnings and that a balance sheet during the first quarter and CEO Elon Musk’d indicated it may want to raise more cash.
NO SWEAT: Sports apparel company Under Armour gained 6.4% after it reported a first quarter earnings results that beat Wall Street predictions. The business reported a earnings growth fueled by global sales that helped swing it. It raised its profit forecast.
FLUOR FLOORED: Engineering and construction firm Fluor after it issued an earnings forecast that was below what analysts expected way plunged 24%. It also reported a enormous loss for this quarter, although investors were anticipating a gain. They also reported revenue that came in well below predictions.