Stocks Opened Higher after Strong Earnings
- Wednesday, August 5, 2020, 9:50
- Stock Market
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U.S. stocks opened higher on Wednesday as corporate earnings results continued to roll in. The Dow Jones Industrial Average lately rose 196.24 points, or 0.73%, to 27,024.71. The S&P 500 gained 13.18 points, or 0.40%, to 3,319.69. The Nasdaq Composite advanced 12.51 points, or 0.11%, to 10,953.67.
Oil futures posted strong gains Wednesday morning, hitting a five-month high, after data from an industry trade group showed large drops in U.S. stockpiles of crude and gasoline. West Texas Intermediate crude for September delivery surged $1.66, or 4%, to $43.38 a barrel, while October Brent crude was up $1.60, or 3.6%, at $46.04 a barrel.
The pace of U.S. private sector job growth slowed in July. Private-sector employment rose 167,000 jobs in July, Automatic Data Processing Inc. reported Wednesday.
CVS Health Corp grew profit more than 50% over last year as costs in its health-care benefits unit fell. The company had net income of $2.986 billion, or $2.26 a share, in the quarter, up from $1.931 billion, or $1.49 a share, in the year-earlier period. Adjusted per-share earnings came to $2.64. Revenue rose to $65,341 billion from $63.431 billion.
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