Wall Street Climbs on Earnings, Headed for Best Week this Year

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US stocks advanced on Friday as the S&P was put on track to snap the four-week losing trend by earnings from Procter & Gamble and Microsoft and the easing concerns over the spread of Ebola in the US.

Microsoft rose 1.7% to $45.91 after reporting quarterly revenue that was higher than expected while keeping the profit margins intact.

Procter & Gamble gained 2.7% to $85.49 was one of the biggest boots to S&P 500 after it posted quarterly results and said that it would split its Duracell battery business into a different company.

Amazon dropped 8.1% to $287.74 to become the largest drag on the Nasdaq 100 and the S&P 500 after the online retailer’s projections for sales for the holiday quarter disappointed and its Q3 results missed estimates, as reported by Reuters.

The Dow Jones Industrial Average gained 0.43% or 71.53 points to 16,749.43 while the S&P 500 gained 0.32% or 6.2 points to 1,957.02. The Nasdaq Composite Index added 0.215 to 9.38 points to 4,462.17.

The S&P 500 is up 3.7% this week, which puts the index on track for its best week from the beginning of 2013, being boosted by solid earnings from the corporate sector. The benchmark index dropped 2.7% from the September 18 record high after slumping more than 7% during its four-week drop.

Investors are still monitoring developments on the Ebola virus. On Friday, the health commissioner of New York said that the doctor being treated for Ebola in one of the city’s hospital is in stable condition.

Economic Times quoted Clearpool Group chief market strategist, Peter Kenny as having said, “The management of the Ebola virus has given the market some confidence that they can move forward and focus on what pricing is really predicated upon earnings and data and in both cases they have been very constructive.”

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To contact the reporter of the story: Jonathan Millet at john@forexminute.com