Wall Street edges higher on upbeat earnings

Credit: Reuters Studio
Published on April 16, 2019 - Duration: 01:15s

Wall Street edges higher on upbeat earnings

U.S. stocks ended slightly higher on Tuesday, with the S&P 500 inching closer to its all-time high.

Fred Katayama reports.

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Wall Street edges higher on upbeat earnings

BROADCAST AND DIGITAL RESTRICTIONS~** Broadcasters: NONE.

Digital: NONE Stocks on Wall Street crept higher on Tuesday.

A string of mostly positive earnings pushed the S&P 500 closer to its all-time high.

The Dow, S&P and Nasdaq gained less than a third of a percent.

Healthcare companies Johnson & Johnson and UnitedHealth posted quarterly results that beat Wall Street's expectations, and they raised their profit outlooks.

J&J shares rose, but UnitedHealth shares LOST their earlier gains, weighed down by investors' concerns over the Trump administration's proposal to end discounts from drugmakers.

Bank of America shares declined.

Its quarterly revenue fell short of analysts' targets.

The second-biggest U.S. bank by assets, followed rivals by struggling to generate top-line growth and suffering from a decline in trading revenue.

Vespula Capital CEO Jeff Tomasulo: SOUNDBITE: VESPULA CAPITAL CEO JEFF TOMASULO, (ENGLISH) SAYING: "We have for the first time in, I think it's been three years, that we're having a slowing of the earnings per share that's coming out of these companies.

The first time we're going to see a negative dip in earnings in a while.

So I think that is really making people cautious." Qualcomm shares surged after it settled its long-running royalty dispute with Apple, whose shares inched higher.

After the bell, Netflix shares fell.

The video streaming company forecast new global paid subscribers would drop in the second quarter.

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