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U.S. stocks post mixed weekly results amid earnings, corporate news

Source: Xinhua| 2019-04-20 05:10:38|Editor: Mu Xuequan
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NEW YORK, April 19 (Xinhua) -- U.S. equities posted mixed results for the week as Wall Street digested more quarterly earnings reports as well as a surprising settlement between two tech giants.

For the week, which was shortened due to Good Friday, the Dow and the Nasdaq rose 0.56 percent and 0.17 percent, respectively, while the S&P 500 dipped 0.08 percent.

Wall Street started the week with earnings from two bank giants as the corporate earnings season kicked into full gear.

Goldman Sachs delivered first-quarter results before Monday's opening bell, with adjusted earnings per share of 5.71 U.S. dollars, beating market consensus. However, its revenue for the quarter missed estimates. Shares of Goldman Sachs slid 3.82 percent at Monday's close. The stock decreased 0.93 percent for the week.

Citigroup also reported on Monday with earnings topping expectations while revenue missed. Shares of the bank gained 3.34 percent for the week.

Shares of United Rentals jumped 8.14 percent on Thursday, sending the stock up 7.3 percent for the week on stronger-than-anticipated quarterly numbers.

Honeywell International, The Travelers Companies and American Express were among the companies that reported better-than-expected earnings on Thursday. Shares of the companies all reported weekly gains.

Of the S&P 500 companies that have reported so far, more than 78 percent have topped analyst expectations, FactSet data showed.

Investors also cheered the legal settlement between Qualcomm and Apple.

After settling a lawsuit with iPhone maker Apple, U.S. chipmaker Qualcomm added about 26 billion U.S. dollars to its market value over the course of two days.

Shares of Qualcomm on Wednesday jumped 12.25 percent following a 23.21-percent surge in the previous session, fueled by the news that the company and Apple had settled a lawsuit regarding royalty disputes.

The settlement, announced on Tuesday, included an unspecified payment from Apple to Qualcomm.

The two companies also reached a six-year license agreement, effective as of April 1, 2019, including a two-year option to extend, and a multiyear chipset supply agreement.

Share of Qualcomm and Apple were up about 40 percent and 2.5 percent, respectively, for the week.

However, a sharp decline in health care shares offset some of the optimism from the solid earnings and excited corporate news.

The S&P 500 health care sector dropped more than 4 percent this week.

Health care is one among the worst-performing groups this year as calls for lower drug prices and debates about medical care plans in the United States weighted on the sector, experts noted.

On the economic front, the advance estimates of U.S. retail sales were 514.1 billion U.S. dollars in March, an increase of 1.6 percent from the previous month, as spending on autos, gasoline, furniture, and clothing jumped, according to the Department of Commerce on Thursday. The reading was higher than market consensus.

Meanwhile, in the week ending April 13, U.S. initial jobless claims, a rough way to measure layoffs, registered 192,000, a decrease of 5,000 from the previous week's revised level, the Department of Labor reported. Economists polled by MarketWatch forecast a reading of 204,000.

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