Earnings at 2 big companies Google and Capital One disappointed today. JP Morgan Chase announced disappointing earning this week.
Despite these big drops earnings season has seen lots of positive trending with companies beating earnings. The markets are moving upward in unison with this trend.
Big bellwether Microsoft was up big today with earnings surprising on the upside. Video games are still being bought.
This should be good news for the US economy and US Dollar we’ll see.
Want more see LA Times
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NEW YORK— IBM and Microsoft drove the Dow Jones industrial average higher Friday after the tech giants reported stronger earnings than analysts expected.
Microsoft said sales of Xbox games and Office software helped push revenue up in the last quarter of 2011. IBM credited better sales of software and services and raised its earnings outlook for the year. Microsoft rose 5 percent and IBM rose 4 percent.
The Dow rose 96.50 points to close at 12,720.48. That’s a gain of 0.8 percent. Without the huge gains in IBM and Microsoft, the Dow would have risen just 24 points.
The S&P 500 index inched up 0.88 to 1,315.38. Both the Dow and S&P ended the week with gains of more than 2 percent.
Plenty of things are going right, said Frank Fantozzi, CEO of Planned Financial Services, an independent wealth manager in Cleveland. Applications for unemployment benefits dropped last week to the lowest level in nearly four years. Housing sales are steadily rising. And most companies are reporting better profits.
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