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Wall Street rallies on earnings

Thursday, April 20, 2017 - 01:09

U.S. stocks rallied, with the Nasdaq closing at a record, as a round of solid earnings led by American Express pushed equities higher. Roselle Chen reports.

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U.S. stocks ended the day higher on gains in American Express. That stock shot up after Amex reported a smaller-than-expected drop in profit. Railroad company CSX was up as well on net profit that came in above forecasts, and plans to cut costs. Nick Colas of Convergex says investors are looking at two things. (SOUNDBITE) NICHOLAS COLAS, ‎CHIEF MARKET STRATEGIST, CONVERGEX (ENGLISH) SAYING: "The first is we're hearing some things out of Washington about a new tax plan, a new repeal and replace Obamacare plan. And that's been a big part of the whole Trump trade that we've seen post the election. And, so, the markets are happy to hear that news. The second thing is that earnings, notwithstanding a couple notable disappointment, like Goldman yesterday, are coming through pretty well. And, if we continue on the same track, we're gonna see in or even ten percent earnings growth year-over-year from last year to this year. That's the best earnings comps since 2011." Adding to market sentiment, tensions between North Korea and the United States, and upcoming presidential elections in France. One notable stock falling - Philip Morris - after it missed on earnings and sales. European shares edged higher.

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Wall Street rallies on earnings

Thursday, April 20, 2017 - 01:09