Despite disappointing results from Boeing and other companies, the U.S. stock market logged record-high earnings due to positive earnings from technology firms.
The S&P 500 went up 3.48 points or 0.2 per cent and closed at 1,987.01 on July 23. It beat its previous record on July 3 by less than 2 points.
The Nasdaq composite also increased 17.68 points or 0.4 per cent and ended at 4,473.70, while the Dow Jones industrial average went against the trend and dipped 26.91 points or 0.2 per cent to 17,086.63. It was mainly dragged down by aircraft manufacturer Boeing.
Even if less than 25 per cent of listed companies in the U.S. reported their quarterly financial performance, the bulk of the results were better than expected. So far, 72 per cent of S&P 500 companies have earnings that beat expectations, while 73 per cent exceeded sales forecast, indicating the improvement in the American economy.
Other winners were Armour and Facebook with their stocks up 13 per cent and seven per cent, respectively following the release of their earnings report.
Also helping boost the other major indices were biotechnology stocks such as Puma Biotechnology whose share price jumped 295 per cent to $233.43 from $174.40 after the firm disclosed positive trial results for its experimental breast cancer drug. Biogen Idec stock also increased 11 per cent or by $33.93 to $337.60.
The growth this week contrasts with the previous week when geopolitical events in Israel and Ukraine affected the bourses.
A day after the downing of Malaysian Airlines Flight 17, the S&P 500 index tumbled down 23.45 points or 1.2 per cent to 1,958.12, the Dow decreased 161.39 points or 0.9 percent to 16,976.81 and the Nasdaq composite index dipped 62.52 points or 1.4 percent to 4,353.45.
That week's bull run confirms analysts' forecast that the markets will look past the events in Ukraine and Gaza after a few days.
Peter Boockvar, chief market analyst of the Lindsey Group, explained, "I think every geopolitical situation that we've seen has had a fleeting impact on the market. I don't think people should turn bearish because of this. It scares people for a short period of time, and that's it."
The events indicate the maturity of the U.S. stock market as mature investors hold on to their stocks - a fruit of wise advise from analysts, economists, brokers and other market experts as well as investor education acquired by shareholders.
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