By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks edged up by midday on
Monday as a wave of companies reported earnings that topped Wall
Street forecasts.
Reporting ahead of the bell Monday, Halliburton Co. (HAL),
Hasbro, Inc. (HAS) and Kimberly-Clark Corp. (KMB) beat Wall
Street's expectations. Netflix, Inc. (NFLX) is scheduled to release
earnings results after the market close.
The S&P 500 (SPX) was 4 points, or 0.2%, higher at 1,868.54.
The benchmark index finished the holiday-shortened week with the
best gain in 9 months on Thursday.
The Dow Jones Industrial Average (DJI) added 30 points, or 0.2%,
to 16,438.53.
The Nasdaq Composite (RIXF) was up 14 points, or 0.3%, to
4,109.37.
"The rally [last week] was supported by a deeply oversold
condition and improving economic conditions. The economy could be a
catch-22, however, should an increase in economic activity prompt
inflation to accelerate," wrote Bruce Bittles, chief investment
strategist at Baird.
In economic news, the Chicago Fed National Activity Index
decreased slightly in March. However, the Conference Board's
leading economic index rose in March and February, signaling that
growth could accelerate in coming months. Newscast: U.S. economy
picks up steam, Conference Board finds
Halliburton, AMD rally
One of the busiest weeks for earnings releases began with the
results of Halliburton and Kimberly-Clark.
Ahead of the bell on Monday, Halliburton (HAL) reported that it
swung to a first-quarter profit. Revenues also improved and results
beat expectations. Shares rose 2.6%.
Kimberly-Clark (KMB)posted estimate-beating profits, which
largely came from lower costs as sales were weaker. Shares slipped
1.5%.
Hasbro Inc. (HAS) shares rose 0.7% after the toymaker said it
swung to a first-quarter profit from a loss in the same quarter
last year, thanks to sales of its girls toys category.
Shares of Advanced Micro Devices Inc. (AMD) rose 13% to $4.16
after the company reported better-than-expected results late
Thursday.
After the close, Netflix Inc. (NFLX) will take the spotlight.
The video-streaming company was trading 0.8% lower and lost nearly
a quarter of its market value from its peak reached in March. Also:
What to look for in Netflix's earnings Monday.
Shares of Sarepta Therapeutics Inc. (SRPT) soared 45% to $35.40
after the company announced plans to submit a new drug application
to the Food and Drug Administration for the treatment of Duchenne
Muscular Dystrophy by the end of the year.
This week, the deluge of corporate earnings includes Apple Inc.
(AAPL), Microsoft Corp. (MSFT), Boeing Co. (BA) and Caterpillar
Inc. (CAT)
European markets closed for Easter Monday
Several global markets remained closed on Monday, including
those in Europe, plus Australia, Hong Kong and New Zealand. The
Nikkei 225 index closed up 0.6%, while other markets closed flat to
slightly lower.
Gold(GCM4) eased back, but oil prices (CLK4) ticked up. The
dollar firmed against the yen (USDJPY).
More must-reads from MarketWatch:
Long view on stocks is best during weak earnings season
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