U.S. stocks trade higher on earnings

0 Comment(s)Print E-mail Xinhua, May 17, 2019
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NEW YORK, May 16 (Xinhua) -- U.S. stocks traded higher on Thursday as investors weigh strong earnings from Walmart and Cisco Systems against global trade prospects.

At midday, the Dow Jones Industrial Average added 288.52 points, or 1.12 percent, to 25,936.54. The S&P 500 added 38.69 points, or 1.36 percent, to 2,889.65. The Nasdaq Composite Index increased 117.50 points, or 1.50 percent, to 7,939.65.

In corporate news, Walmart earnings beat analysts' expectations for the first quarter. It reported total revenue of 123.9 billion U.S. dollars for the quarter, and adjusted earnings per share of 1.13 dollars.

Doug McMillon, Walmart's president and CEO, said the retailer is "changing to enable more innovation, speed and productivity" and the changes have yielded good results. McMillon was also pleased with the combination of comparable sales growth from stores and eCommerce in the United States.

Shares of Walmart rose 2.58 percent to trade at 102.46 dollars apiece.

Cisco Systems also reported better-than-expected quarterly earnings, sending its stock up 6.81 percent.

On Tuesday, stocks rose after news said the Trump administration is poised to delay auto tariffs decision by up to six months to avoid blowing up negotiations with the European Union and Japan. Enditem

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