Stocks finished higher Wednesday as investors evaluated key earnings reports. The Dow rose 45 points, while the S&P 500 advanced 0.3% ending the day above the 3,000 point level. The Nasdaq Composite gained 0.2%.
Nine of 11 S&P 500 sectors finished the session in positive territory with Energy and Communication Services stocks pacing the gains. Caterpillar added 1.2% despite its third-quarter profit tally fell short of Wall Street estimates. The heavy equipment maker reduced its outlook, citing soft global demand. Boeing gained 1.0% after reiterating plans for its 737-MAX aircraft to resume operations by year-end. Texas Instruments slid 7.5% after the chipmaker’s current-quarter revenue forecast widely missed analyst expectations. Chipotle Mexican Grill shed 5.2% on worries surrounding increasing costs of wages and delivery. Anthem jumped 1.2% after the health insurer increased its full-year forecast amid higher demand for its government-backed health plans. Eli Lilly declined 2.4% after its quarterly sales came in below analyst projections. Meanwhile, Apple recorded a new record high after receiving a price target increase.
Treasuries were little changed, with the 10-year note yield steady at 1.76%. In commodities, WTI crude advanced 2.4% to $55.78/barrel after a report from the Energy Information Administration (EIA) showed U.S. crude stockpiles shrank in most recent week, compared to analysts’ forecasts calling for an increase in stockpiles.
In geopolitical news, investors are keeping an eye on Brexit developments. Prime Minister Boris Johnson was unable to secure a key Parliamentary vote yesterday, leaving the EU to decide whether or not to extend the current October 31st deadline.