Wall Street rose modestly on Thursday after the Standard & Poor 500’s worst five-day stretch since May, but economic figures and corporate results were not strong enough to inspire heavy buying.
Reuters reported that the broad S&P 500 failed to recoup most of its losses from its 3.6 percent decline over the last five sessions.
Procter & Gamble shares gained 2.7 per cent to $69.92 after the multinational household products manufacturer reported a better-than-expected profit. The Dow component was an outlier, however.
With about 244 companies in the S&P 500 reporting results so far, 62.3 per cent have beaten expectations, a slight improvement on the typical 62 per cent average, Thomson Reuters data showed.
Revenue, on the other hand, remains disappointing, with just 36.3 per cent of companies reporting higher-than-expected revenue – compared with a historic beat rate of 62 per cent.
“We had 50-some companies report today, and it’s all a continuation of companies beating on earnings, but coming in lower on revenue,” said Terry Morris, senior vice president and senior equity manager for National Penn Investors Trust Company in Reading, Pennsylvania.
Colgate-Palmolive shares fell 2 per cent to $104.41 after the toothpaste and household products manufacturer unveiled a cost-cutting plan that involved shedding 6 per cent of its workforce by the end of 2016.
U.S. durable goods orders rose more than expected in September, though orders excluding volatile defense goods and aircraft were unchanged and business investment showed signs of stalling.
The Dow Jones industrial average was up 9.30 points, or 0.07 per cent, at 13,086.64. The Standard & Poor’s 500 Index was up 3.37 points, or 0.24 per cent, at 1,412.12. The Nasdaq Composite Index was up 5.73 points, or 0.19 per cent, at 2,987.43.