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Earnings Data Drive US Stocks Higher

US stocks closed higher on Wednesday, as the benchmark indices all posted healthy gains following robust earnings scorecards from the likes of McDonald’s, Coca-Cola and Boeing.

The Dow Jones Industrial Average (DJI) advanced for a second time in three days, climbing 88.68 points or 0.49 percent to 18,038.27.

 

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The top gainer was Visa Inc (NYSE: V), which posted gains of 4.07 percent. McDonald’s Corporation (NYSE: MCD) gained 3.13 percent, while American Express (NYSE: AXP) and The Coca-Cola Company (NYSE: KO) posted gains of 1.5 percent and 1.3 percent, respectively.

Coca-Cola shares rose after the soft drink giant posted an adjusted 48 cents per share in the first quarter, well above estimates.

Boeing Company (NYSE: BA) fell 1.4 percent after reporting an earnings per share of $1.97 in the first quarter. Analysts forecast an earnings per share of $1.81.

Investors applauded McDonald’s Corporation’s turnaround plan, despite disappointing top and bottom line scorecards.

The S&P 500 Index closed at 2,107.96, up 10.67 points or 0.51 percent. The technology-heavy NASDAQ Composite gained 21.07 points or 0.42 percent to 5,035.17.

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