Stocks rose on Friday, putting the S&P 500 on track to snap a 2-day drop, after better-than-expected results from Microsoft and General Electric Co propelled what has been a solid earnings season to date.
Everyone is taking a peek at GE, Microsoft and even McDonald's earnings a little bit. Everything is coming in strong, so barring any fears of what is going to happen in Europe, we could probably see a strong day today, said Michael Gault, senior portfolio strategist at WeiserMazars Wealth Advisory in New York.
We are seeing this constant struggle, and we are at the same point as the last two years come the spring, where you see earnings continue to be positive, but some of the macroeconomic pressures really fighting back what corporate earnings are doing and indicating in terms of the status of the recovery.
GE's numbers especially because it is a bellwether for the industrials and it's global. They beat on revenues, which they haven't really been able to do in a long time, and that really bodes well for industrials in particular.
Industrial conglomerate Honeywell International Inc
Of the 113 S&P 500 components reporting through Friday morning, 81 percent beat analysts' expectations, according to Thomson Reuters data.
The Dow Jones industrial average <.DJI> was up 80.45 points, or 0.62 percent, at 13,044.55. The Standard & Poor's 500 Index <.SPX> added 6.37 points, or 0.46 percent, at 1,383.29. The Nasdaq Composite Index <.IXIC> put on 17.72 points, or 0.59 percent, at 3,025.28.
Air conditioner maker Ingersoll Rand Plc
Oilfield services company Schlumberger NV's
(Reporting By Chuck Mikolajczak; editing by Jeffrey Benkoe)