US Stocks – S&P 500, Dow scale all-time highs as economy picks up pace
July 29 (Reuters) – The S&P 500 and the Dow indexes scaled record highs on Thursday as a slate of strong corporate earnings reports and data showing a pickup in U.S. economic growth reinforced confidence in a post-pandemic recovery.
Ford Motor Co jumped 4.0% to hit a more than three-week high as it lifted its profit forecast for the year, while KFC-owner Yum Brands Inc rose 5.2% after beating expectations for quarterly sales.
Overall, of the 195 companies in the S&P 500 that have reported second-quarter earnings so far, nearly 91% have beaten estimates, according to Refinitiv, although investors have begun to book profits across equities after solid stock market gains this year.
“Even if earnings are strong, you can’t look at the environment of the past year and say this is the fundamental trend of these businesses,” said Mike O’Rourke, chief market strategist at JonesTrading.