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U.S. stocks hit record highs

Wednesday, July 19, 2017 - 01:26

Nasdaq and S&P 500 hit record highs, powered by technology stocks and a jump in Vertex Pharmaceuticals, while gains on the Dow were capped by a sharp drop in IBM shares. Julia Sun reports.

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After the close, American Express reported lower profit, but still beat estimates. The Nasdaq and S&P ended the day at record levels, powered by technology stocks. A sharp drop in IBM capped gains on the Dow. Eric Wiegand, senior portfolio manager at U.S. Bank: (SOUNDBITE) ERIC WIEGAND, SENIOR PORTFOLIO MANAGER, U.S. BANK (ENGLISH) SAYING: "We continue to see a lot of momentum built in to stocks, particularly looking at areas like technology, select healthcare. Healthcare has been in a leadership year-to-date, so we're still seeing some support there. But it's actually broadening out. Today energy is certainly playing a big part of the advance of the major indices." Vertex Pharmaceuticals jumped after it reported positive results for its cystic fibrosis treatment. Morgan Stanley rose following better-than-expected profit and only modest decline in bond trading revenue. Microsoft, Facebook, and Netflix were big gainers. The first two report this weeks and next. Netflix delivered stellar results on Tuesday. On the flipside, shares of IBM fell after the company's quarterly revenue came in below expectations. In Europe, stocks ended the day higher on good earnings.

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