Wall Street edges higher on upbeat earnings
NEW YORK - U.S. stocks ended slightly higher on Tuesday, with the S&P 500 inching closer to its all-time high following a string of mostly positive earnings, while a drop in healthcare shares limited the advance.
With reporting season in full swing, analysts now expect first quarter S&P 500 profits to have dropped 1.8% year-on-year, according to Refinitiv data. While a solid improvement over recent estimates, it would still mark the first earnings decline since 2016. But UnitedHealth Group, which also reported better-than-anticipated first-quarter profit and hiked its 2019 earnings forecast, fell 4.0%, likely due to regulatory worries. The stock was the biggest drag on the Dow.The S&P 500 Healthcare Index closed down 2.0%
The Dow Jones Industrial Average rose 67.89 points, or 0.26%, to 26,452.66, the S&P 500 gained 1.48 points, or 0.05%, to 2,907.06 and the Nasdaq Composite added 24.21 points, or 0.3%, to 8,000.23.Financials were the biggest percentage winners, rising 1.4%.International Business Machines Corp also fell post-market following the blue-chip tech company’s earnings report.
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