Stock market today: Wall Street heads for another winning week as stocks drift
Wall Street is heading toward another winning week as stocks find some stability following their slide from a day before
NEW YORK — Wall Street is heading toward another winning week as stocks find some stability following their slide from a day before.
The S&P 500 was 0.1% higher in late trading and on pace for its eighth winning week in the last 10. The Dow Jones Industrial Average was up 44 points, or 0.1%, at 35,270 with less than an hour remaining in trading. The Nasdaq composite was 0.2% lower a day after tumbling to its worst loss in more than four months.
Roper Technologies rallied 3.8% for one of the larger gains in the S&P 500 after it reported better profit and revenue for the spring than analysts expected. The company, which looks to dominate niche tech markets, also raised its financial forecasts for the full year.
The earnings reporting season is gaining momentum, and a majority of companies are reporting better results than expected. They're doing so by a bit less than usual, though, according to FactSet.
On the losing side of Wall Street was American Express, which fell 3.7%. It reported stronger profit for the spring than expected, but its revenue fell short of forecasts.
Comerica swung from an initial gain to a loss of 3.9% after reporting stronger profit and revenue for the spring than analysts expected. The regional bank also reported a decline in average deposit levels among customers, though it said the levels stabilized in the second half of the quarter. Deposits have been under heavy scrutiny since several banks failed in March after customers suddenly yanked out their cash.
The stock market has generally been on a tear this year as the economy has defied predictions for a recession. It's so far
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