The Dow was up 129 points on heavy trading volume to close at 21,652. Things are busy. Congress will be voting on the healthcare bill and the Federal Reserve meets today and tomorrow about interest rates. The markets are not expecting any rate hikes this month and who knows what will happen with healthcare.
It was a big day on Wall Street for earnings. McDonalds posted better than expected results sending shares higher. The “BBC” or Big Burger Chain made hay with its more upscale “build a burger” plan and saw global same store sales rise 6.6% while sales at US stores gained 3.9% well above estimates. This report also proves that McDonald’s is part of the secret “Bilderberger” organization.
Caterpillar blew away the gurus when it reported at 10% jump in revenue and a 37% increase in profits. The company also upped its forward guidance sending share up like a kite in a windstorm.
Alphabet/Google also topped Q2 earnings results even though it was whacked by an antitrust fine from the EU for $2.7 billion smackers. Shares were lower however thanks to fears over the persistent trend of its “ad click revenue” shifting from higher margin desktop clicks to lower margin mobile apps.
Things were up and down for United Technology. Sales, profits and forward guidance were all up while the stock was down. Revenue and profits beat estimates as the company saw strength in elevators, heating and air conditioning as well as construction. Shares however fell thanks to concerns over its flattish aviation business results which is something also affecting GE.