Specialist Meric Greenbaum, left, and trader John Liotti work on the floor of the New York Stock Exchange Friday, July 18, 2014. U.S. stocks are opening higher after Google, Honeywell and other big companies report their quarterly results. (AP Photo/Richard Drew)
Investors jumped on a wave of strong corporate financial results Friday, propelling stocks higher for the third time in five days.
The gains wiped out much of the market’s losses from the day before, when the downing of a Malaysian Airlines passenger jet in eastern Ukraine stirred concerns that tensions between Russia and the West could escalate. Israel’s launch of a ground offensive into Gaza also stoked geopolitical uncertainty.
Those worries appeared to ease Friday, as world leaders called for an immediate cease-fire in the region and international attention turned toward the task of determining what led to the aircraft being shot down. Investors turned their attention to the latest encouraging company earnings.
“Typically when these events hit the news, it’s kind of a sell-now, ask-questions-later moment, and then there is a reassessment, and that’s exactly what we had,” said Quincy Krosby, market strategist at Prudential Login to read more