U.S. stocks open higher amid solid earnings

0 Comment(s)Print E-mail Xinhua, January 29, 2020
Adjust font size:

NEW YORK, Jan. 29 (Xinhua) -- U.S. stocks opened higher on Wednesday as market sentiment was lifted by a slew of strong earnings reports.

Shortly after the opening bell, the Dow Jones Industrial Average jumped 209.30 points, or 0.73 percent, to 28,932.15. The S&P 500 was up 14.63 points, or 0.45 percent, to 3,290.87. The Nasdaq Composite Index climbed 48.80 points, or 0.53 percent, to 9,318.48.

Apple shares advanced more than 2.5 percent in morning trading. The company on Tuesday reported a record 91.8 billion U.S. dollars in revenue for the first quarter of fiscal 2020 boosted by an uptick in iPhone sales during the period.

Another Dow member McDonald's posted better-than-expected quarterly results, sending the stock up about 2 percent shortly after Wednesday's opening.

Of the S&P 500 companies that have reported quarterly results by far, about 70 percent posted stronger-than-anticipated earnings, according to financial data provider FactSet.

Wall Street also awaits a key monetary policy decision by the Federal Reserve, which is slated to be announced Wednesday afternoon.

The U.S. central bank is largely expected to keep interest rates steady.

"The Fed is always a month or two behind the markets. Today's message is bound to reinforce December's clear intent to remain on hold this year," Chris Low, chief economist at FHN Financial said in a note on Wednesday. Enditem

Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter