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Microsoft helps Wall St. to another record high

Wednesday, July 20, 2016 - 01:18

S&P 500 and Dow set fresh records pushed by strong results from Microsoft. Soren Larson reports.

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More record highs for stocks on Wednesday. Microsoft providing the biggest boost to the three indexes on better than expected results that came out Tuesday after the close. Defensive stocks, like telecom and consumer staples, helping to drive the markets. Nick Colas, chief market strategist at Convergex: (SOUNDBITE) NICK COLAS, CHIEF MARKET STRATEGIST, CONVERGEX, (ENGLISH) SAYING: "One thing you know about new highs is that you usually have some new highs behind them. And it is very rare to see a new high not accompanied by future higher levels so for the short term it looks like we are still trending a little bit higher." Morgan Stanley stock getting a boost after profit fell but topped forecasts. All but one of the biggest Wall Street banks have reported falling profit that have met or beaten estimates. Unilever is buying Dollar Shave Club - sharpening its rivalry with Procter and Gamble. Terms of the deal were not disclosed, but Fortune cited sources saying Unilever will pay a billion dollars in cash. Facebook's app, Messenger, has topped a billion users. That makes it one of the world's top three apps just two years after it was split off from Facebook's main app. In Europe, a winning day for the major country indexes driven by tech stocks.

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Microsoft helps Wall St. to another record high

Wednesday, July 20, 2016 - 01:18