JPMorgan Chase & Co (JPM.N), Whole Foods Market Inc (WFM.O), and several others notched impressive gains at the close of the market yesterday, underscoring the fifth straight day of gains for Wall Street. Technology stocks also fared well, with Apple (AAPL.O) gaining nearly a full point by close of day.
Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston stated that now that the earnings season has passed, the market may slow down a bit in response.
“Now that earnings are over and done … there’s no real fundamental reason to buy stocks,” he said.
After results from more than 440 companies streamed in yesterday, the earnings reports were a bit healthier than had been previously predicted. Most companies actually outdid analytical estimates for their earnings reports this quarter.
The Dow Jones industrial average .DJI was up 19.96 points, or 0.13 percent, at 15,076.16. The Standard & Poor’s 500 Index .SPX was up 3.49 points, or 0.21 percent, at 1,629.45. The Nasdaq Composite Index .IXIC was up 9.61 points, or 0.28 percent, at 3,406.24.
One of the biggest winners of the day was Google Inc (GOOG.O), which gained 1.5 percent by close of day, leveling out at $870 per share.
Walt Disney Co (DIS.N) reported earnings that impressed investors, with revenue that had increased 10 percent this season. In spite of those gains, the shares dipped slightly, and were down 0.8 percent by close of day at $65.52.
“It was a great quarter for the parks, it really was,” Chief Executive Robert Iger said in a conference call with investors. “In an economy that is seeing slight improvement, this bodes very well for our future.”
Disney has gained more than 50 percent over the past six months, mostly fueled by its interest in ESPN, and its media buyers from its major outlet found in ABC. Operating income from its major vested cable network, ESPN, increased by $224 million to $1.7 billion. Income from ABC was up 5 percent at $5 billion.
“There’s more certainty as it pertains to ESPN than just about any of our other businesses, which is a good thing,” Iger added. “ESPN is in great shape, and even better as new distribution deals kick in. We think ESPN’s future in terms of its growth trajectory is quite good.”