Stocks edge upward, as strong earnings continue to boost sentiment

|By:, SA News Editor

Stocks inched higher, as continued strength in earnings reports helped investors overcome worries about geopolitical risks and weak European economic news.

After early weakness, the S&P 500 was quick to find support at its 100-day MA after the index breached that level for the first time since mid-April, but was unable to build much off the rebound.

Combined losses from Time Warner and Walgreen shaved off ~2 points from the S&P: TWX sank 12% after 21st Century Fox yanked its offer to buy the company, and WAG plunged 14% after issuing downbeat guidance and saying it would keep its headquarters in the U.S.

The materials sector was a top gainer, drawing strength from mining stocks as gold futures jumped 1.8% to $1308.30.

Treasurys held gains throughout the session, but the 10-year note gave back two-thirds of its advance by the close; the benchmark yield ended 2 bps lower at 2.47%.