The S&P 500 was clinging to a small gain on Thursday as concerns about slowing g...
NEW YORK - The S&P 500 was clinging to a small gain on Thursday as concerns about slowing global growth and a dive in industrials stocks overshadowed gains in Facebook and Microsoft.
On the other hand, Facebook Inc rose 6% and Microsoft Corp climbed 3.5% after the technology heavyweights reported better-than-expected results. The S&P 500 has rallied almost 17% so far this year, rebounding from a late-2018 slump, on hopes of a U.S.-China trade deal, the Fed’s move to pause interest rate hikes and some better than expected earnings reports.
Refinitiv data through Thursday morning showed that Wall Street now expects S&P 500 first-quarter earnings to be level with the year-ago quarter, a sharp improvement from the 1.1% decline expected just on Wednesday, and better than the 2% fall expected at the start of April. Excluding energy, the growth rate would climb to 1.4%.
The top gainer on the S&P 500 was Lam Research, which jumped 5% as the semiconductor equipment maker reported better-than-expected quarterly results.
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