U.S. stocks halted the five-day losing streak today, as investors looked past softer economic reports and a continued rout in China’s stock market, and waited for the outcome of the two-day Federal Reserve.
The S&P 500 (INDEXSP:.INX) rose 1.3 percent to 2,093.59 at 3.45 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) added 1.1 percent to 17,631.10, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) added 1 percent to 5,088.11.
Chinese equities lost 1.7 percent today, after sinking as much as 5.1 percent. Shares tumbled 8.5 percent Monday amid weaker-than-expected economic data and concern that a three-week rally sparked by unprecedented government intervention is unsustainable.
Investors were looking for any signals from Fed Chair Janet Yellen on the timing of a rate increase when a two-day policy meeting concludes on Wednesday. No move on rates is expected this week.
MOVERS:
Merck (NYSE:MRK) rose 1.1 percent to $57.61 The drugmaker reported a better-than-expected second-quarter profit and lifted its full-year earnings guidance as demand for its diabetes and cancer drugs increased.
Pfizer (NYSE:PFE) rose 2.8 percent to $35.31. The biopharmaceutical company lifted its full-year outlook as its new treatments continued to drive growth in the second quarter.
Regeneron Pharmaceuticals (NASDAQ:REGN) climbed 2.1 percent to $551.60 after Sanofi agreed to contribute $2.2 billion to work with the company on therapies that harness the immune system to fight cancer.
DuPont (NYSE:DD) slid 1.3 percent to $56.01. The chemical and crop company lowered its forecast for the year after a stronger dollar and a sales drop in its agriculture segment affected results.
United Parcel Service (NYSE:UPS) added 5.5 percent to $100.33 after quarterly profit exceeded analysts’ estimates as the world’s largest package-delivery company benefited from a new pricing system.
ADRs of Baidu (NASDAQ:BIDU) slumped 17 percent to $164.20 after China's biggest Internet search company's quarterly profit missed estimates as revenue growth was mostly offset by its higher expenses.
eBay (NASDAQ:EBAY) fell 1.1 percent to $28.30, reversing an earlier gain. The e-commerce company said it’s ending its eBay Now one-hour delivery service, in the U.S.
Ford (NYSE:F) rose 2.1 percent to $14.85 after the automaker's second-quarter earnings widely beat Wall Street expectations, based on the continued strength of its North American sales.
DR Horton (NYSE:DHI) gained 3.1 percent to $27.58. The homebuilder earned $0.60 per share for its latest quarter, $0.10 above estimates. Revenue also beat forecasts as orders rose 22 percent from a year earlier.
PayPal Holdings (NASDAQ:PYPL) gained 4.2 percent to $37.93 after Jefferies Group recommended buying the stock.
COMMODITIES:
August gold fell $0.20 to settle at $1,096.20 an ounce on Comex after closing yesterday with a 1 percent gain.
September crude settled at $47.98 a barrel on the New York Mercantile Exchange, up 1.2 percent. Prices tapped intraday lows under $47. Brent crude shed 0.3 percent, to end at $53.30 a barrel on London’s ICE Futures exchange.