Boeing carries Dow to record as stocks get earnings boost

By Markets FOXBusiness

(AP Photo/Richard Drew)

Healthy corporate earnings sparked a Wall Street rally on Wednesday, as a strong quarter from Boeing (BA) carried the Dow to a record high.

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The Dow Jones Industrial Average jumped 97 points, or 0.5%, to 21,711. The S&P 500 and Nasdaq Composite also capped the day with all-time highs. The S&P 500 inched 0.7 points higher to 2,477. The Nasdaq climbed 10.6 points, or 0.16%, to 6,422.

Boeing accounted for nearly all of the Dow’s gains. The aerospace giant rallied 9.9% on the day and logged its own all-time high after reporting better-than-expected earnings. Boeing is now the most expensive stock among the Dow’s 30 components, surpassing Goldman Sachs (GS).

Strong earnings also gave a boost to Advanced Micro Devices (AMD), which gained 4.6% on second-quarter revenue that beat Wall Street expectations. AT&T’s (T) earnings beat sent shares 5% higher. Ford (F) slipped 1.9%, even though the automaker hiked its full-year guidance.

Amazon.com (AMZN) and Facebook (FB) reported earnings after the closing bell.

Stocks maintained their momentum after the Federal Reserve concluded its two-day policy meeting. Officials kept interest rates unchanged but said the expected wind-down of the Fed’s portfolio could begin “relatively soon.” The central bank raised the benchmark federal funds rate at its last meeting in June.

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Also in economic news, sales of new U.S. homes edged higher in June, according to the Commerce Department. New-home sales increased 0.8% to a seasonally adjusted rate of 610,000. Through the first half of 2017, new-home sales are up 10.9%.

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Oil climbed for a third day in a row. U.S. futures rose 1.8% to $48.75 a barrel, while Brent crude was trading 1.4% higher at $50.90.

The yield on the 10-year Treasury note fell to 2.291% from 2.328%.

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