December 13, 2017
Wednesday, April 22, 2015

Wall Str ends stronger as investors look beyond mixed earnings

US stocks ended stronger today as Visa's potential expansion into China and talk of a turnaround at McDonald's helped investors look beyond a mixed bag of quarterly earnings.

All of the 10 major S&P 500 sectors rose, with the tech index gaining 1.09 percent, propelled by Visa and MasterCard.

Visa ended 4.07 percent higher at $68.01 after hitting a record high of $69.98, while MasterCard closed up 3.91 percent after China said it would open up its market to foreign firms for clearing domestic bank card transactions.

McDonald's surged 3.13 percent after it said it was working on a plan to reverse its shrinking sales.

The Dow Jones industrial average rose 88.68 points, or 0.49 percent, to end at 18,038.27. The S&P 500 gained 10.67 points, or 0.51 percent, to 2,107.96 and the Nasdaq Composite added 21.07 points, or 0.42 percent, to 5,035.17.

Across the Atlantic, a raft of weak corporate earnings coupled with sharp drops in some major luxury goods stocks weighed on European equities.

Luxury group Kering was among the worst performers after reporting sales dropped by more than expected, with rivals such as Burberry and Hugo Boss also retreating. Kering fell 3.9 percent.

Finnish elevator company Kone slumped 5.3 percent after warning of uncertainty in its main market, China, and posting weaker than expected profits.

British supermarket operator Tesco dropped 5.2 percent after reporting its worst ever loss.

Tesco's shares initially rose as much as 2.4 percent, with some traders expressing relief at Tesco's determination to restructure its business, but the stock then lost ground as more pessimism set in, with one major institutional investor saying that the results were as ugly as feared.

The pan-European FTSEurofirst 300 index closed flat at 1,628.35 points. Germany's DAX closed down 0.6 percent.

Shut out of bond markets, Greece is on the verge of bankruptcy and could run out of cash in weeks unless it strikes a deal with foreign creditors to unlock further bailout aid.

The Athens stock market rose 2.1 percent on Wednesday after the European Central Bank raised its emergency funding cap for Greek banks to 75.5 billion euros, according to a source , but some traders remained wary.

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