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U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining over 100 points on Friday.
The Dow traded up 1.60% to 40,574.53 while the NASDAQ rose 0.74% to 17,309.62. The S&P 500 also rose, gaining, 0.99% to 5,452.49.
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Leading and Lagging Sectors
Industrials shares jumped by 1.7% on Wednesday.
In trading on Wednesday, energy shares fell by 0.3%.
Top Headline
Bristol Myers Squibb & Co (NYSE:BMY) posted strong second-quarter earnings and increased 2024 guidance.
Bristol Myers Squibb posted second-quarter revenues of $12.20 billion, beating the consensus of $11.55 billion, an increase of 9% year-over-year, or 11% when adjusted for foreign exchange impacts, primarily driven by the Growth Portfolio and Eliquis. The company reported an adjusted EPS of $2.07, compared to an income of $1.75 a year ago, beating the consensus of $1.63.
Bristol Myers Squibb revised 2024 adjusted EPS guidance to $0.60-$0.90 versus prior guidance of $0.40-$0.70 and consensus Of $0.51. For 2024, the U.S. drug maker expects revenue growth to be at the upper end of the previously provided low single-digit range.
Equities Trading UP
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Commodities
In commodity news, oil traded down 2.4% to $76.44 while gold traded up 1.2% at $2,381.50.
Silver traded down 0.4% to $27.86 on Friday, while copper rose 0.1% to $4.1255.
Euro zone
European shares were higher today. The eurozone's STOXX 600 gained 0.85%, Germany's DAX rose 0.67% and France's CAC 40 rose 1.24%. Spain's IBEX 35 Index rose 0.17%, while London's FTSE 100 rose 1.15%.
Median expectations for inflation over the next 12 months for the Eurozone came in unchanged at 2.8% for June. Spanish unemployment rate declined to 11.27% during the second quarter. The consumer confidence indicator in France climbed to 90.8 in July compared to a revised reading of 89.7 in the prior month.
Asia Pacific Markets
Asian markets closed mostly higher on Friday, with Japan's Nikkei 225 falling 0.53%, Hong Kong's Hang Seng Index gaining 0.1%, China's Shanghai Composite Index gaining 0.14% and India's S&P BSE Sensex jumping 1.62%.
Foreign exchange reserves held by the Reserve Bank of India rose to $670.9 billion as of July 19. The index of coincident economic indicators in Japan rose to 117.1 in May versus a flash reading of 116.5.
Economics
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