Nasdaq up 2.5% amid tech earnings, PBOC – CNBC

Investors also digested a new batch of earnings, including reports from tech giants Alphabet, Amazon and Microsoft, all of which beat analysts’ expectations.


“The tech earnings are adding to this rally,” Cardillo said.


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Alphabet beat estimates by 14 cents, while Amazon posted earnings per share of 17 cents. Wall Street expected the Jeff Bezos-run company to report a loss of 13 cents.


Microsoft posted a beat on both earnings and estimates and accounted for 32 points of the Dow’s gains. It also hit its highest levels since March 2000.


Microsoft shares intradaySource: FactSet


The three stocks opened up more than 8. Amazon, Facebook and Alphabet all hit all-time highs.


Other companies that have reported include Procter & Gamble and VF Corp.


Procter posted better-than-expected earnings per share, but fell short on revenue. VF Corp. missed analysts’ expectations on both earnings and revenue.


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“The hope for more ECB support and the rate cut in China should help stabilize those weakening sales trends and other deteriorating economic data points,” Nick Raich, CEO of The Earnings Scout, said in a note.


Art Hogan, chief market strategist at Wunderlich Securities, said earnings overall have provided a bit of relief for the market. ” They’re not spectacular, but they’re not as bad as feared,” he said.


Investors also kept an eye on U.S. oil, which closed down 1.7 percent at $44.60 a barrel.


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