Stocks drift up despite late wobble

US stock indices clambered back into positive territory after briefly slipping into the red late in the New York trading session.

The Dow Jones was up just 0.06% with under an hour remaining of trading on Wall Street, while the S&P 500 gained 0.12%. Both indices had fallen into negative territory for a short period before bouncing.

The NASDAQ 100 was up 0.6%, having been up strongly for most of the day. The technology-focussed index was led by Facebook, which rose 6% after yet another impressive day. Facebook today announced the launch of ‘Facebook Mobile Games Publishing’, a pilot programme for smaller developers to gain access to wide distribution in exchange for a cut of revenue.

Facebook has risen by close to 50% so far in July. Tech-giant Apple has also been having a strong month, gaining close to 14% in July, and breaking above $450 for the first time since the beginning of June after rising 1.7% today.

We are now deep into the US corporate earnings season , with well over half the companies in the S&P 500 having already reported. Based on data from Reuters, around two-thirds of those have beaten earnings expectations, which is a solid performance. Nearly 55% have beaten revenue forecasts, though, which is a much better performance than we have seen over the last four quarters.

Tomorrow should be a busy day, with the ADP employment report offering some insight into how Friday’s official employment data might look, US GDP data and the outcome of the latest FOMC meeting.

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