S&P 500 Gains 1.5% on Week as Technology Sector Leads Broad Climb Amid Better-Than-Expected Q1 Results
The Standard & Poor’s 500 index added 1.5% this week, with the technology sector leading broad gains amid Q1 earnings that have largely been topping analysts’ expectations.
The market benchmark ended the week at 2,384.20, up from 2,348.69 last Friday, and marking the measure’s second positive week in a row. The largest percentage increases were recorded by technology, health-care and consumer-discretionary stocks, while the financial and materials sectors also recorded strong advances. Just three sectors ended the week in the red: real estate, telecommunications and utilities.
The technology sector climbed 2.6% this week, boosted by stronger-than-expected Q1 results from teach heavyweights including Google (GOOGL, GOOG) and Amazon.com (AMZN). Google shares jumped 7.6% this week while Amazon added 2.9%.
The consumer-discretionary sector also had a number of companies report Q1 results above Street views, sending the sector up 2.0% for the week. Its gainers included Under Armour (UA), whose shares jumped 11% as the athletic-apparel company’s Q1 earnings came in better than Street expectations despite a revenue miss. Shares of BorgWarner (BWA), a vehicle equipment manufacturer, climbed 7.0% since last week amid better-than-expected Q1 results and a boost to its full-year EPS guidance. Comcast (CMCSA) shares added 2.7% as the media-and-technology company posted adjusted EPS and revenue above analysts’ consensus estimates.
The materials sector gained 1.8% this week. Its advancers included packaging company Ball (BLL), whose shares rose 4.4% this week amid a 54% jump in its quarterly cash dividend and a two-for-one split of its common stock. International Paper (IP) shares climbed 2.3% this week as its Q1 EPS and revenue topped Street views.
The financial sector climbed 1.6% this week. Among its gainers, shares of Invesco (IVZ) added 5.3% since last Friday as the investment manager’s 1Q earnings came in above the Street view despite weaker-than-expected revenue. XL Group (XL) shares climbed 3.6% this week as the insurance and reinsurance company posted Q1 results above analysts’ expectations. State Street (STT) climbed 8.0% this week as the financial-holding company reported Q1 adjusted earnings and revenue above analysts’ expectations.
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