Wall Street headed higher today following a batch of upbeat earnings reports and as Greece’s Parliament passed austerity measures needed to secure a fresh bailout.
The S&P 500 (INDEXSP:.INX) rose 0.7 percent to 2,123.51 at 3:41 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) advanced 0.4 percent to 18,116.64, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) added 1.1 percent to 5,160.16.
Greek lawmakers passed reform measures demanded by creditors in exchange for negotiating a third bailout package. Following the vote, European Central Bank President Mario Draghi said today that the central bank raised the level of emergency aid to Greek lenders.
Investors have been bracing for a lackluster earnings season, curbed by the firm dollar, low oil prices and signs of uneven economic growth. Analysts expect profits for companies in the S&P 500 fell 3.6 percent in the second quarter, according to FactSet.
DATA:
Data showed confidence among homebuilders held in July at the highest level since November 2005, indicating the residential real estate market may be picking up speed.
A measure on manufacturing in the Philadelphia area fell more than estimated by economists surveyed by Bloomberg.
MOVERS:
Netflix (NASDAQ:NFLX), the top stock in the S&P 500 this year, surged 18.2 percent to $115.34 after reporting stronger-than-expected earnings in the second quarter.
Citigroup (NYSE:C) advanced 3.6 percent to $58.51 after delivering quarterly earnings that topped analysts' expectations, its highest quarterly profit in eight years.
Goldman Sachs Group (NYSE:GS) fell 0.9 percent to $211.52 after saying earnings fell on higher legal costs.
Intel (NASDAQ:INTC) rose 0.6 percent to $29.86. Intel earned $0.55 per share for its latest quarter, $0.05 above estimates, with revenue also beating forecasts.
Garmin (NASDAQ:GRMN) plunged 7.3 percent to $41.90 after the world's largest maker of car-navigation devices trimmed its full-year earnings forecast.
eBay (NASDAQ:EBAY) rose 3.3 percent to $65.51. eBay earned an adjusted 76 cents per share, beating estimates by 4 cents, though revenue was slightly below forecasts. The company also announced an addition of $1 billion to its share buyback program.
UnitedHealth Group (NYSE:UNH) declined 0.9 percent to $124.73 even as the largest U.S. health insurer boosted its full-year forecast after saying that profit gained in the second quarter, helped by its booming Optum technology and services unit.
Radius Health (NASDAQ:RDUS) rose 3.1 percent to $77.71 after the science-driven biopharmaceutical company said an early study showed its drug was effective in shrinking tumors.
Philip Morris International (NYSE:PM) added 3.4 percent to $85.45 after the world’s largest publicly traded tobacco company posted quarterly profit that topped estimates.
COMMODITIES:
Gold for August delivery shed 0.3 percent to settle at $1,143.90 an ounce on Comex.
U.S. light crude, also known as West Texas Intermediate or WTI, closed down about 1 percent, at $50.91 a barrel.