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US stocks close higher amid earnings


New York, July 26 (IANS) US stocks closed higher as investors digested a batch of second-quarter earnings reports.<br> <br>The Dow Jones Industrial Average on Wednesday increased 172.16 points, or 0.68 per cent, to 25,414.10. The S&P 500 was up 25.67 points, or 0.91 per cent, to 2,846.07, Xinhua news agency reported.
The Nasdaq Composite Index gained 91.47 points, or 1.17 per cent, to 7,932.24.<br> <br>US planemaker Boeing posted earnings per share of $3.33 and revenue of $24.3 billion, both topping Wall Street’s estimates. But the Dow component stuck to its full-year earnings per share guidance to $14.3 to $14.5, below analysts’ expectations. <br> <br>Another Dow component, Coca-Cola, reported adjusted earnings per share of 61 cents, topping the forecast as its diet drinks fuelled global growth. Its second-quarter revenue stood at $8.9 billion, also beating expectations.<br> <br>General Motors cut its full-year profit outlook to 6 dollars per share from a range of $6.3 to $6.6 per share as steel and aluminium costs have been rising. Its second-quarter earnings per share and revenue were both higher than estimates.<br> <br>This earnings season has been great so far. Second-quarter earnings are expected to increase 22 per cent from the same period last year. Excluding the energy sector, the earnings growth estimate declined to 18.2 per cent.
Source: IANS


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