Stocks continue to trade near highs as the Dow tacked on 97 more points to close at 21,711. Trading volume backed off a bit but was higher on the NASADQ. Markets are in full-fledged rally mode.
Boeing reported Q2 results that were mixed as net profits were above estimates while revenues were lower than expected. The 8% revenue drop was due to fewer commercial deliveries in the quarter. Boeing raised its forward guidance which caused shares to rocket higher. The order backlog was up to $482 billion thanks to Paris Airshow orders and analysts are eager for more details of Boeings newest project which is the 797 model being designed to compete with the Airbus A321 Neo.
US Steel shares were higher after the company smashed expectations with a 22% jump in revenue and a big net income increase. Going forward the company raised guidance far above what the gurus were looking for citing stable demand in Europe and decent pricing in the US.
Chip maker Advanced Micro Devices also reported a blowout quarter thanks to demand for its graphic chips. Crypto currency miners are rushing to buy AMD’s chips which helps them more efficiently mine for or create currencies like bitcoin or ethereum which they can then place into circulation at the stated market value. The more coins you mine the richer you can get. One poor fellow, early in the game, used his laptop to mine bitcoin and was successful at getting 300,000 coins on his laptop. The issue however came when his girlfriend said he was spending too much time mining coins (which at the time were only worth a few pennies each) and not paying any attention to her so he agreed and since the laptop was old it was sent to the recycle barn. After bitcoin shot up to a $1,000 or more each he tried to get the laptop back but it was gone. He is now a legend in crypto currency land!