S&P & NASDAQ close at record highs!

A street sign for Wall Street hangs in front of the New York Stock Exchange

At the Tuesday's (April 23rd) market closure, Dow Jones gained 0.55 percent to 26,656.39, and the S&P 500 index added 0.88 percent to 2,933.68, while the Nasdaq Composite soared 1.32 percent to 8,120.82.

The Toronto stock market's heavyweight financials sector fell 0.86 per cent led by the Royal Bank of Canada as bank profitability would be constrained without any move to increase net interest margins.

April 24 (Reuters) - U.S. stocks pulled back slightly on Wednesday after a record-setting rally in the prior session, as investors digested a batch of mixed earnings reports.

The S&P 500 index and the Nasdaq have registered record closing highs after a broad-based rally, as a clutch of better-than-expected earnings reports eased concerns about a slowdown.

Both indexes have had strong starts to the year, with the S&P 500 up 17 percent, its best start since 1987, and the Nasdaq has risen 22 percent for its best start since 1991.

Microsoft Corp and Facebook Inc, set to report after the closing bell on Wednesday, were down about 0.5%.

Twitter's solid report is a good sign for social media companies that have been struggling, Kinahan said.

However, the Australian dollar fell significantly, down 0.5 per cent to 71 USA cents.

So far, nearly 130 S&P 500 companies have reported first quarter earnings, and 78% of them beat expectations, according to data from Refinitiv.

"Among the key companies that have reported, a lot of them have beaten expectations", said Peter Cardillo, chief market economist at Spartan Capital Securities. "It's skewing to the positive side", said Laura Kane, head of Americas thematic investing at UBS Global Wealth Management. Analysts said the event that turned things around was the action taken by the Federal Reserve in March announcing no more interest rate hikes this year.

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"Heading into earnings season, there was a lot of fear of earnings contraction and as earnings come out, a lot of that seems to be very unfounded", said Mary Ryan, senior equity options strategist at E*Trade Financial Corp.

The Dow Jones Industrial Average closed ahead by around 145 points yesterday at 26,656; the Nasdaq added around 105 at 8,120. Energy was the biggest decliner with a 1.9 per cent drop. The Nasdaq composite rose than 0.1%.

Coca-Cola Co rose 1.9% after its quarterly sales beat estimates, helped by strong demand for low-sugar Coke Zero, new orange-vanilla cola, and flavored waters.

Active buyers grew by 4% during the first quarter, pushing revenue and profit beyond Wall Street forecasts.

Benchmark 10-year notes rose 14/32 in price to push their yield down to 2.5199%.

THERE WILL BE BIDS: Occidental Petroleum started a bidding war for Anadarko Petroleum as the oil industry's largest companies try to secure their positions in the oil-rich Permian Basin.

Boeing gained 0.6% after the planemaker scrapped its 2019 outlook and reported quarterly revenue below estimates due to grounding of its 737 MAX jets.

Advancing issues outnumbered decliners by a 1.07-to-1 ratio on the NYSE.

KEEPING SCORE: The S&P 500 index was down less than 0.1% as of 3:05 p.m.

The Canadian dollar traded at an average of 74.21 cents USA, the lowest level since January 3 and compared with an average of 74.51 cents U.S. on Tuesday.

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