U.S. stocks bounced back modestly Monday, as investors drew confidence from weekend deals and early earnings reports ahead of a week packed with corporate results and stocks regained some of their equilibrium following Friday’s sharp decline.
Better-than-expected earnings from Delta Air Lines and Halliburton helped boost expectations for the week’s crop of earnings releases, which will include 128 companies within the Standard & Poor’s 500 index.
In early trading, the Dow Jones Industrial Average gained 41 points, or 0.4%, to 10139, reversing some of its sharp losses on Friday, when the measure fell 261 points in its biggest drop of the month.
The Nasdaq Composite gained 0.6% to 2193 and the S&P 500 rose 0.5% to 1071.
Oilfield services company Halliburton, the first major oil drilling company to report second-quarter results, jumped 4.8% after its second-quarter earnings rose 83%, citing a recovery in North American operations and an 11% sequential rise in international revenue.
Toy maker Hasbro gained 1% after its second-quarter profit surprisingly rose 11% on lower costs, though revenue fell more than anticipated as sales decreased in movie-related toys.
Overseas, European indexes advanced modestly, boosted by gains from mergers and acquisitions. American depositary shares of International Power PLC surged 13% after disclosing talks with GDF Suez, while British engineering firm Tomkins PLC rallied on a 2.9 billion pound ($4.5 billion) bid from Onex and a Canadian pension fund.
The euro strengthened, trading recently around $1.2966, up from $1.2927 late Friday in New York. However, weighing on sentiment in Europe, the International Monetary Fund and the European Union withdrew EUR20 billion ($26 billion) of financing from Hungary, sending stocks and the forint sliding over 2%. Hungary will resume talks with the International Monetary Fund in September, a Hungarian cabinet minister said Monday.
Moody’s Investor Services on Monday cut Ireland’s credit rating, citing a rising debt burden, a weak growth outlook and the high cost of rebuilding a shattered banking system, though the outlook is now stable and the move was not seen as a major surprise.
Among stocks in focus, Boeing gained 1.7% after announcing an order for 30 of its 777 jets at the Farnborough International Airshow, saying the market for commercial aircraft is coming back.
BP PLC slid 3.6% after the oil giant said tests on a well cap that has halted the flow of oil into the Gulf of Mexico for several days continue to behave as expected, but U.S. authorities raised concerns that hydrocarbons may be leaking from the sea bed near the Macondo well.
Demand for Treasurys declined, with the 10-year note down to push yield up to 2.95%. Crude-oil prices climbed, while gold futures declined.
Still to come, the National Association of Home Builders’ July sentiment index will be released at 10 a.m., EDT.
By Kristina Peterson
Tags: Dow Jones Industrial, economy recovery, euro zone, european economy, european union, IMF, investors, money, Nasdaq composite, us stocks
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