Stocks up but Apple off late; oil slides

Tue May 2, 2017 4:49pm EDT
 
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By Rodrigo Campos

NEW YORK (Reuters) - A measure of stocks across major markets globally inched up to a record high on Tuesday, lifted by gains in Europe amid corporate and economic strength, while crude futures tumbled as prices breached key technical levels.

A broad index of European stocks rose to its highest since August 2015, boosted by company earnings and as a survey of factory activity in the euro zone jumped to its highest since April 2011. French blue chips hit their highest in nearly a decade and Germany's DAX set a record high.

Robust results have helped lift share prices across the globe this year, with major U.S. indexes at or near record levels. First-quarter profits of companies on the benchmark S&P 500 index are expected to have risen 13.9 percent, the strongest rise since 2011, according to Thomson Reuters data.1.50.6

BP shares rose 1.6 percent after the oil major's first-quarter profit tripled.

Apple shares fell 1.2 percent to $145.75 in extended trading after the iPhone maker reported a surprise fall in iPhone sales.

"The economy is doing better within Europe, but these also tend to be global companies," said Isabelle Mateos y Lago, chief multi-asset strategist at BlackRock.

"The main reason why we are optimistic is because European companies are extremely well plugged in to benefit from the global reflation story, from China and U.S. growth picking up."

The Dow Jones Industrial Average rose 36.43 points, or 0.17 percent, to 20,949.89, the S&P 500 gained 2.84 points, or 0.12 percent, to 2,391.17 and the Nasdaq Composite added 3.76 points, or 0.06 percent, to 6,095.37.   Continued...

 
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 1, 2017. REUTERS/Brendan McDermid