Stocks - Wall Street Surges After Strong Walmart, Cisco Earnings

16 May 2019

Stocks - Wall Street Surges After Strong Walmart, Cisco Earnings

The S&P 500 rose 13 points or 0.5% by 9:39 AM ET (13:39 GMT), while the Dow jumped 111 points or 0.4% and tech-heavy Nasdaq composite gained 35 points or 0.5%.

Bloomberg reported on Wednesday that the U.S. is drafting an executive order that would put off any imposition of tariffs on imported European and Japanese cars for six months, avoiding a further, immediate extension of the trade war. The news helped offset concerns over China after U.S. President Donald Trump prohibited U.S. companies from using telecom technology that is owned, controlled or directed by a foreign adversary. Walmart (NYSE:WMT) stock gained 3.3% after it reported better-than-expected earnings per share due to a 37% increase in online sales, even though overall revenue was below expectations. Cisco Systems (NASDAQ:CSCO) jumped 4.1% as it topped analyst expectations and issued better-than-expected revenue guidance for the current quarter. Boeing (NYSE:BA) inched up 0.6%, while Uber (NYSE:UBER) rose 2% and Goldman Sachs (NYSE:GS) gained 0.8%. Elsewhere, Pacific Gas & Electric (NYSE:PCG) fell 0.3% after state fire investigators found its transmission lines caused the California wildfire that killed 85 people last year. Apple (NASDAQ:AAPL) slumped 0.6%, while Tesla (NASDAQ:TSLA) slipped 0.5% and Facebook (NASDAQ:FB) lost 0.3%.

In commodities, gold futures fell 0.4% to $1,292.05 a troy ounce, while crude oil surged 1.2% to $62.74 amid tensions in the Middle East. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.2% to 97.532.

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