S&P 500 hits a new all-time high
Stocks in the US drifted lower on the open as conflicting earnings reports, kept investors on their heels. Google and Microsoft released earnings after the bell on Thursday disappointing investors with misses on both the top and bottom line. GE on the other hand, showed that industrials are making headway, giving better than expected guidance following robust earnings.
After the closing bell on Thursday Google (NASDAQ:GOOG) reported second-quarter net income of $3.23 billion compared with $2.79 billion a year ago. Revenue in the quarter rose 19% to $14.11 billion. Analysts were expecting Google to report earnings of $3.6 billion on $14.41 billion in revenue for the quarter. Revenue $14.11 billion compared to an estimate $14.4 billion.
Microsoft (NASDAQ:MSFT) missed analyst expectations for the quarter ending June 30, 2013. Quarterly revenue of $18.1 billion fell far below consensus $20.7 billion, earnings per share of 59 cents missed the estimate of 75 cents.
GE reported earnings on Friday, before the opening bell and said that the company had earned $3.13 billion, up from $3.11 billion a year earlier. On a per share basis, the company earned 30 cents, up from 29 cents. Revenue fell 4 percent, to $35.12 billion from $36.5 billion.
Energy stocks performed well during the week as WTI crude oil topped $108 per barrel driving up the prices of energy shares. Crude oil demand continues to increase, allowing crude oil producers such as Hess and Exxon to lead broader markets higher.
The S&P 500 index was the best performer of the major indexes, creeping higher, led by financials and energy stocks. This comes despite the drag Google put on the large cap index.
The S&P 500 index hit a new all-time high as momentum accelerated to the upside. The RSI is closing in on overbought territory, printing near 68 which is on the upper end of the neutral range.
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