BCN-10 US stocks rise on good earnings, budget deal

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US stocks rise on good earnings, budget deal

NEW YORK, July 23, 2019 (BSS/AFP) – Wall Street stocks rose early Tuesday
following a batch of mostly solid earnings reports and after congressional
leaders and the White House reached a budget agreement.

A heavy day of earnings releases included strong reports from Dow members
Coca-Cola and United Technologies, which jumped 4.8 percent and 1.6 percent
respectively.

Others that rose following earnings included toy company Hasbro, biotech
company Biogen and paint company Sherwin-Williams, while insurer Travelers
and motorcycle company Harley-Davidson both dropped.

About 20 minutes into trading, the Dow Jones Industrial Average stood at
27,263.42, up 0.3 percent.

The broad-based S&P 500 had also gained 0.3 percent, rising to 2,993.50,
while the tech-rich Nasdaq Composite Index had added 0.2 percent at 8,219.77.

Analysts also pointed to relief after President Donald Trump and
congressional leaders agreed to a bipartisan budget agreement that will boost
federal spending by $320 billion and suspend the debt limit beyond the next
presidential election.

The deal, should it pass Congress as expected, would allow the federal
government to borrow more money and avoid a disastrous default in the coming
months, while significantly raising budget caps on defense and domestic
outlays.

Briefing.com analyst Patrick O’Hare said the market was not “overly
concerned” about the state of play on the budget but added that the agreement
“is an incremental positive in that it should eliminate any eleventh-hour
drama involving the debt ceiling when September rolls around.”

BSS/AFP/SR/2010 HRS