US Stock Indexes Edge Higher in Early Trading; Oil Rising
U.S. stock indexes edged higher in early trading Thursday, extending gains a day after the Dow Jones industrial average closed above 20,000 for the first time. Energy stocks rose more than the rest of the market as the price of crude oil headed higher. Investors had their eye on the latest crop of company earnings.
KEEPING SCORE: The Dow gained 35 points, or 0.2 percent, to 20,103 as of 10:08 a.m. Eastern Time. The Standard & Poor's 500 index rose 2 points, or 0.1 percent, to 2,300. The Nasdaq composite index added 6 points, or 0.1 percent, to 5,663.
RECORD RUN: It's been a record-making week on Wall Street. The S&P 500 index and Nasdaq composite closed at all-time highs on Tuesday and Wednesday. The Dow, which tracks 30 major industrial companies, added its own milestone Wednesday after it breached the 20,000 mark for the first time. The market is getting a boost from strong company earnings and investor optimism that the Trump administration's policies on taxes, regulation and trade will be good for business.
FRESH COAT: Sherwin-Williams jumped 8.2 percent after paint maker reported quarterly earnings and revenue that easily beat analysts' forecasts. The stock gained $23.34 to $306.76.
HEALTHY RESULTS: Biogen rose 4.1 percent after the company reported a bigger profit than expected, which bought it back to around breakeven this year. The stock added $11.26 to $284.50.
HOME SWEET HOME: PulteGroup gained 5 percent after the homebuilder reported that quarterly earnings and sales beat Wall Street's estimates. The stock was up $1.02 to $21.47.
NO JOY: Mattel sank 13.4 percent after the toymaker reported a big slowdown in sales over the holidays. The stock was the biggest decliner in the S&P 500, sliding $4.23 to $27.33.
MARKETS OVERSEAS: Germany's DAX was up 0.3 percent, while the CAC-40 in France was 0.1 percent lower. The FTSE 100 index of leading British shares was up 0.1 percent. Earlier in Asia, Japan's Nikkei 225 surged 1.8 percent and South Korea's Kospi gained 0.8 percent. Hong Kong's Hang Seng index rose 1.4 percent. Markets in China, Hong Kong, South Korea and other Asian countries are about to begin holidays of varying lengths to mark the lunar new year, curtailing trading across much of the region.
OIL: Benchmark U.S. crude oil was up 99 cents, or 1.9 percent, at $53.72 per barrel in New York. Brent crude, used to price international oils, was up $1.17, or 2.1 percent, at $56.56. a barrel in London.
TREASURY YIELDS: Bond prices were little changed. The 10-year Treasury yield held steady at 2.52 percent.
CURRENCIES: The dollar rose to 114.26 yen from 113.60 on Wednesday. The euro fell to $1.0690 from $1.0743.
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