S&P 500 ekes out record high as earnings roll in
Source: AP-Excite
By KEN SWEET
NEW YORK (AP) — The stock market eked out a record high Wednesday, as investors weighed positive earnings from the technology industry against disappointing news from Boeing and other companies.
Apple's earnings topped Wall Street expectations, helped by rising shipments of iPhones. Microsoft also reported results that beat forecasts.
So far, with less than a fourth of U.S.-listed companies reporting their quarterly financial performance, results have been coming in better than expected. About 72 percent of Standard & Poor's 500 companies that have reported earnings have beaten expectations, and 73 percent have beaten sales forecasts.
"It's a little early, but things seem to be coming in OK," said Sahak Manuelian, managing director of equity trading at Wedbush Securities.
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FILE - A sign for Wall Street is shown in this March 8, 2010 file photo near the New York Stock Exchange. Global stocks mostly rose Wednesday, July 23, 2014, bolstered by solid U.S. earnings and home sales as tensions between Russia and the West over Ukraine eased. (AP Photo/Mark Lennihan, File)
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