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Encouraging quarterly reports have been the wind behind the sails of the stock market today, with better-than-expected earnings from UPS and Microsoft, and strong revenue from Amazon and Proctor & Gamble helping the blue chip indices to press ahead. UPS earlier hit a record high of $97 a share.
Into the last hour of trading on Wall Street, the Dow was up 0.18% or 28 points at 15,537 and the NASDAQ 100 had risen 0.48% to 3378.5. The S&P 500 gained 0.24% to 1756.2, leaving the Dow and S&P both on course to complete their third week of advances in a row. The S&P 500 is up an astonishing 23% for the year.
The stock market has hit a benign stretch this week, with no shadow being cast by Washington, apparently little chance of the liquidity tap being tightened by the Fed, and earnings holding up nicely. That is an attractive enough proposition to have attracted buyers to the market even with indices near all-time highs.
We have more data from the manufacturing sector on Monday, with the delayed industrial production report for September and the Dallas Fed manufacturing survey for October. We also have earnings from Apple, which is always a hotspot of interest.