Stocks edge upward, as strong earnings continue to boost sentiment

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%.

Comments (4)
  • minecanary
    , contributor
    Comments (1280) | Send Message
    Of course it was quick to find support. The FED wasn't about to see it's 5$ bill investment fade just on reality without a fight. Get used to it bitchezzz.
    6 Aug 2014, 08:48 PM Reply Like
  • TA5555
    , contributor
    Comments (38) | Send Message
    I pushed the article button FOR this article: 'Down early, stock averages end barely higher' and this article appeared instead: 'Stocks edge upward, as strong earnings continue to boost sentiment.' Which is more correct when considering current events? I believe the first one is and think earnings could have been a lot better for everyone. If I had a crystal ball and could see January 2015 I think I would see lay offs and higher unemployment. Hopefully that will not happen.
    6 Aug 2014, 08:51 PM Reply Like
  • psychological-dividends
    , contributor
    Comments (820) | Send Message
    It's fascinating, Goldman Sachs published this report where they've looked at previous terms before rate increases and they're almost always accompanied by some significant upside move of the S&P like >5%.
    6 Aug 2014, 10:02 PM Reply Like
  • NLTInvestor
    , contributor
    Comments (394) | Send Message
    random comment but why the HELL does the US need to get involved in Ukraine? Makes NO FREAKING SENSE. what if Russia / China had helped Iraq.. ridiculous policies and waste of tax payer money
    7 Aug 2014, 01:59 AM Reply Like
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