US stocks rose yesterday as a host of solid earnings reports, along with strength in the healthcare sector, helped lift the S&P 500 and Nasdaq to their sixth straight advance.
Healthcare, up one per cent, was the best performing of the 10 major S&P sectors.
Better-than-expected earnings have lifted equities recently, though companies have largely been exceeding reduced forecasts. Profits are seen rising 1.1 per cent this quarter, down from the 6.5 per cent growth estimated at the start of the year.
McDonald's reported earnings that fell alongside a drop in US same-store sales, and its shares slipped 0.4 per cent to
With 20 per cent of the S&P having reported through yesterday morning, 63 per cent have topped earnings expectations, according to Thomson Reuters, matching the long-term average.
The Dow Jones industrial average yesterday rose 65.12 points or 0.4 per cent, to 16,514.37, the S&P 500 gained 7.66 points or 0.41 per cent, to 1,879.55 and the Nasdaq added 39.912 points or 0.97 per cent, to 4,161.458.
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