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Home / Business / US STOCKS-Wall St mixed according to company income reports; Facebook is falling

US STOCKS-Wall St mixed according to company income reports; Facebook is falling



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* McDonald's, Travelers Drop Revenue to Downgrade

* Facebook drops as government probe expands

* Biogenic waves upon revival of Alzheimer's drug

* Hasbro takes a hit from the customs threat

* Dow up 0.14%, S&P 500 up 0.09%, Nasdaq of 0.22% (Updates market movement, adds comments )

By Shreyashi Sanyal and Arjun Panchadar

22. October (Reuters) – S&P 500 and Dow Jones indices rose on Tuesday, lifted by positive corporate income reports that eased concerns about the fallout from the US-China trade war, but a decline in Facebook's shares hurt Nasdaq.

The benchmark index The S&P 500 index, which continued to hold over 3,000 points, was within striking distance of a record high in July, with Biogen Inc's 26.5% surge also increasing the index. The drugmaker announced a surprise plan to enter the US regulatory approval for Alzheimer's treatment.

"I think the fact that we are intervening in the record area in dealing with all these problems speaks to the bias of the domestic economy and more importantly the companies in the United States," said Mike Loewengart, Vice President, Investment Strategy at E * TRADE Financial Corp.

The broader health index clocked the largest increase among the major S&P 500 sectors.

Strong corporate earnings since last week have provided some respite to the stock markets, which have been hit in recent months by geopolitical concerns and a declining global economy.

Of the 98 S&P 500 companies that have reported results so far, over 80% of the Street estimates exceeded. Still, analysts are projecting the first earnings contraction since 2016.

"So we've got duel forces between what we're looking at earnings, offset some moderating economic indicators, and then we put all of that in with the trading landscape, and that's what drives the markets today, "Loewengart added.

Data showed that home sales in the US fell more than expected in September as the market continues to struggle with a shortage of properties for sale, especially for cheaper housing.

Procter & Gamble Co gained 3.8%, after raising full-year forecasts and beating Wall Street estimates.

Harley-Davidson Inc jumped 5.6% after breaking quarterly earnings expectations, while United Technologies Corp received 1% on an advance notice.

Shares of McDonald's Corp slipped 3.4% and Travelers Cos Inc fell 7.1% on poor performance.

The threat of customs duties on toys imported from China hit toymaker Hasbro Inc's quarterly profits as shipping and storage costs rose sharply. Its shares fell 14.5% and were the largest rejections among S&P 500 companies.

At 11:31 ET, the Dow Jones Industrial Average was up 38.36 points, or 0.14%, at 26,866.00, while the S&P 500 was up 2.77 points, or 0.09%, at 3.009, 49.

The Nasdaq Composite was down 17.65 points, or 0.22%, at 845.33. Pressing the index saw a 2% decline in shares of Facebook Inc.

New York State Attorney Letitia James said that the state probe on Facebook claims that the company compromised consumer data and pushed up advertising prices has expanded to lawyers generally from 47 states and territories.

Questioning constituted the figures for declarers with 1.51 to 1 ratio on the NYSE. Declining editions were higher than the number of advancements for the 1.12-to-1 ratio on the Nasdaq.

The S&P index recorded 36 new 52-week highs and two new lows, while Nasdaq noted 54 new highs and 47 new lows. (Reporting by Shreyashi Sanyal and Arjun Panchadar in Bengaluru; Editing by Arun Koyyur and Maju Samuel)


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