While buying interest has remained somewhat subdued, stocks are seeing modest strength in mid-day trading on Wednesday. The major averages are adding to the gains posted in the two previous sessions.
Currently, the Dow is up 55.98 points or 0.3 percent at 21,052.10, the Nasdaq is up 6.62 points or 0.1 percent at 6,032.11 and the S&P 500 is up 5.63 points or 0.2 percent at 2,394.24.
The markets have benefited from recent upward momentum, but traders seem reluctant to make significant moves following the release of a mixed batch of quarterly results.
Shares of Twitter (TWTR) are moving sharply higher after the social media giant reported better than expected first quarter results.
Restaurant chain Chipotle Mexican Grill (CMG) is also seeing notable strength after reporting first quarter results that exceeded analyst estimates on both the top and bottom lines.
Boeing (BA) also reported first quarter earnings that exceeded analyst estimates, although the aerospace giant reported revenues that came in below expectations.
Consumer products giant Procter & Gamble (PG) also reported better than expected third quarter earnings on weaker than expected revenues.
Shares of U.S. Steel (X) have come under pressure after the steel giant reported a wider than expected first quarter loss on weaker than expected revenues.
In overseas trading, stock markets across the Asia-Pacific region extended a recent upward move during trading on Wednesday. Japan’s Nikkei 225 Index surged up by 1.1 percent, while Hong Kong’s Hang Seng Index advanced by 0.5 percent.
The major European markets also moved to the upside on the day. While the German DAX Index inched up by 0.1 percent, the U.K.’s FTSE 100 Index and the French CAC 40 Index both edged up by 0.2 percent.
In the bond market, treasuries have pulled back near the unchanged line after seeing early strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 2.2329 percent….