Markets rise but Big Mac shares decline – New York Report
WALL Street ended higher yesterday as corporate earnings came in better than feared, although shares of McDonald’s declined after the fast-food chain’s turnaround plan left investors wanting more.
Berkshire Hathaway rose 1.62 per cent, giving the biggest boost to the S&P 500 as the insurance and investment conglomerate’s results beat forecasts.
The Dow Jones industrial average rose 46.34 points, or 0.26 per cent, to end at 18,070.4, and the S&P 500 gained 6.2 points, or 0.29 per cent, to 2,114.49, just shy of its record-high close of 2,117.69 on 24 April.
The Nasdaq Composite added 11.54 points, or 0.23 per cent, to 5,016.93.
“This is being driven by a lack of substantial negative news,” said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.
McDonald’s closed 1.71 per cent down, after its plan to turn the fast-food chain into a “modern, progressive burger company”, failed to impress shareholders.
Advancing issues outnumbered declining ones on the NYSE by 1,758 to 1,287, for a 1.37-to-1 ratio on the upside; on the Nasdaq, 1,593 issues rose and 1,158 fell for a 1.38-to-1 ratio favouring advancers.
The benchmark S&P 500 index was posting 14 new 52-week highs and no new lows; the Nasdaq Composite was recording 55 new highs and 35 new lows.
About 5.6bn shares changed hands on US exchanges, compared with the 7.2bn daily average for the last five sessions, according to data from BATS Global Markets.