Strong Corporate Earnings Push Stocks Higher to End Week
(NEW YORK) — Strong corporate earnings pushed stocks higher to end the week, with the Dow up 91 points at 14,512 and the Nasdaq up 22 points at 3,245.
The S&P gained 11 points for the day to 1,557.
Robust earnings from Nike and Tiffany were the big drivers. Nike’s stock hit a record after the company announced a surge in quarterly profit, while Tiffany rose after its earnings beat expectations by about one percent.
Fitch Ratings is placing the United Kingdom’s triple-A rating on review for a downgrade. The warning comes just days after Britain’s treasury chief unveiled an austere budget, despite weakness in the economy, and raises fears of another recession.
A New Jersey compounding pharmacy that issued a national recall of all of its drugs will remain closed for two more weeks. Med Prep Consulting is investigating the cause of contamination found in bags of an IV drug given to women to control seizures and premature labor.
Goodyear’s adding a new blimp to its iconic line of airships. It’ll be larger, faster, and carry more passengers.
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