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US stocks end higher after dovish Fed comments
NEW YORK, July 19, 2019 (BSS/AFP) – Wall Street stocks finished higher
Thursday, snapping a two-day skid following dovish comments from a top
Federal Reserve official that shifted attention from mixed earnings.
Major indices were in the red through early afternoon but rallied after
New York Federal Reserve Bank President John Williams said central banks
should “act quickly” to address economic weakness.
The remarks further boosted expectations the Fed will cut interest rates
later this month.
The Dow Jones Industrial Average ended up a hair at 27,222.97.
The broad-based S&P 500 gained 0.4 percent to 2,995.11, while the tech-
rich Nasdaq Composite Index advanced 0.3 percent to 8,207.24.
Williams’ remarks gave stocks “a little bit of a bounce,” said Art Hogan,
chief market strategist at National Securities.
Hogan said it is still too early in earnings season to assess overall
performance but that early reports have shown a strong consumer but
vulnerability in the manufacturing sector.
“You have a corporate America that’s more nervous about the environment
than the consumer is,” he said.
Streaming video company Netflix tumbled 10.3 percent after reporting that
it added 2.7 million subscribers in the second quarter, well below
expectations.
Among other large companies reporting results, IBM surged 4.6 percent
after reporting better-than-expected profits, while Honeywell International
gained 3.1 percent as it lifted some of its profit targets following a
better-than-expected second quarter.
Morgan Stanley climbed 1.5 percent following results, while UnitedHealth
Group lost 2.3 percent.
BSS/AFP/HR/1002