McDonald’s in favor of Wall Street

McDonald’s in favor of Wall Street

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The stock exchanges in New York held gains halfway through the trading day on Tuesday. Investors assess a true flood of financial results. Fast food chain McDonald’s and heavy equipment maker Caterpillar topped expectations while Google’s parent company Alphabet was a drag after saying costs are rising faster than sales.

The Dow Jones index was 0.47 percent higher at 21.613 points. The S & P 500 rose 0.3 percent to 2477 points. Tech heavy Nasdaq record a slight gain of 0.02 per cent at 6412 points.

McDonald’s presented better than expected figures and increased its annual expectations, rising 4.6 percent. Caterpillar, which also performed better than expected, even increased almost 6 percent.

The multi-billion fine that Brussels recently imposed on Google strongly presses the results of Alphabet. The company saw its profits fall sharply. Google’s parent company, which was due to higher costs, fell almost 3 percent in value.

Not all quarterly results were upbeat, as industry groups 3M and United Technologies went down by 4.4 and 1.8 percent, respectively. Both companies increased their profit expectations, but analysts had counted on more.

Other major companies which saw noteworthy performance included auto giant GM, chemical company DuPont, pharmaceutical Eli Lilly, diaper producer Kimberly-Clark, mining Freeport-McMoran and biotechnologist Biogen. Eli Lilly were under pressure after the drugmaker drew a lengthy delay for its experimental rheumatoid arthritis drug.

Furthermore, Michael Kors fell 0.3 percent. The US fashion company takes over the British maker of expensive shoes and fashion accessories Jimmy Choo in a deal worth $1.2 billion.

In addition, the financial markets looked at the Federal Reserve, which began Tuesday its two-day policy meeting. The US central bank comes on Wednesday with its interest rate decision. It is not expected that a policy change will be published.

Freeport-McMoRan Inc was on the rise due in part to soaring metal prices and CEO Richard Adkerson’s confidence in resolving a permit dispute with Indonesia.

“Freeport’s share price performance is justified based on what’s happened in copper, based on the progress in negotiations and based on the fact that … the stock is not very widely held,” said Jefferies mining analyst Christopher LaFemina.

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I cover technology, utilities and biotechnology for Markets Morning, and I help out occasionally with other industry sectors. I've written about investment and personal finance topics for more than 20 years from a lowly copywriter to editor-in-chief, so I've done a little bit of everything. For what it's worth, I have a BA from Duke University and an MBA from Rollins College. I'm married with one daughter, and that's worth more than everything else put together.

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