U.S.
stocks rose toward records, with the Nasdaq Composite Index at the
highest closing level since 2000, as technology shares jumped and
Coca-Cola Co. and McDonald’s Corp. rallied after reporting earnings.
Coca-Cola
jumped 1.3 percent as it enticed consumers to pay more for its drinks
during the quarter. McDonald’s soared 3.1 percent as Chief Executive
Officer Steve Easterbrook promised to give details of his turnaround
plan next month. Visa Inc. and MasterCard Inc., the world’s biggest
payments networks, surged the most since October on prospects for
business in China.
The
Standard & Poor’s 500 Index rose 0.5 percent to 2,107.93, less than
10 points from a record, at 4 p.m. in New York. The Nasdaq Composite
Index increased 0.4 percent. The Dow Jones Industrial Average added
88.01 points, or 0.5 percent, to 18,037.60.
While
analysts predict an earnings slump through September, they have
moderated how steep that will be. They now forecast first-quarter
earnings for S&P 500 companies will drop 4.3 percent, better than
April 10 estimates for a 5.6 percent decline.
Source : Bloomberg
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