Economic review

U.S. stocks close higher amid strong corporate earnings

2018-08-07 04:44:26 (Beijing Time)         English.news.cn

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Traders work at the New York Stock Exchange in New York, the United States, Aug. 6, 2018. U.S. stocks closed higher on Monday as investors digested a batch of second-quarter corporate earnings reports. The Dow Jones Industrial Average rose 39.60 points, or 0.16 percent, to 25,502.18. The S&P 500 increased 10.05 points, or 0.35 percent, to 2,850.40. The Nasdaq Composite Index rose 47.66 points, or 0.61 percent, to 7,859.68. (Xinhua/Wang Ying)

NEW YORK, Aug. 6 (Xinhua) -- U.S. stocks closed higher on Monday as investors digested a batch of second-quarter corporate earnings reports.

The Dow Jones Industrial Average rose 39.60 points, or 0.16 percent, to 25,502.18. The S&P 500 increased 10.05 points, or 0.35 percent, to 2,850.40. The Nasdaq Composite Index rose 47.66 points, or 0.61 percent, to 7,859.68.

This earnings season has been stronger than analysts had expected.

Second quarter earnings are expected to increase 23.5 percent from the same period last year. Excluding the energy sector, the earnings growth estimate declines to 20.4 percent, according to Thomson Reuters.

Of the 500 companies in the S&P 500 that have reported earnings by Aug. 3, 78.6 percent have reported earnings above analyst expectations. This is above the long-term average of 64 percent and above the prior four quarter average of 75 percent.

The second-quarter blended revenue growth estimate is 9.2 percent. Excluding the energy sector, the revenue growth estimate declines to 8.0 percent.

Some 73 percent of companies have reported revenue above analyst expectations. This is above the long-term average of 60 percent and above the prior four quarter average of 72 percent.

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