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Wednesday, June 29, 2022

Hasbro Jumps 12.6% as Indexes Hit Record Highs


Stocks shook off a wobbly start and finished slightly higher on Wall Street, edging major indexes a bit further into record territory. The S&P 500 managed a gain of 0.2% Monday, as did the Dow Jones Industrial Average. Strength in communications and energy companies outweighed weakness in other sectors. Investors are still monitoring a steady flow of corporate earnings and will be on the lookout for clues from the Federal Reserve about when it might start winding down its extraordinary support measures for the economy, the AP reports. The Fed releases its latest policy statement on Wednesday. The S&P 500 rose 10.51 points o 4,422.30. The Dow rose 82.76 points to 35,144.31. The Nasdaq rose 3.72 points, or less than 0.1%, to 14,840.71. Bitcoin rose to $38,700.

A wide range of companies reported earnings. Toymaker Hasbro jumped 12.6% for the biggest gain in the S&P 500 after handily beating analysts’ profit forecasts. Electric vehicle maker Tesla will report its latest financial results after the market closes. Google’s parent company, Alphabet, will report earnings Tuesday, along with Apple and Microsoft. Pfizer and Boeing report their results on Wednesday. Chinese technology companies slipped Monday as China increased restrictions on Internet apps and other companies. China’s industry ministry announced a 6-month campaign to clean up what it says are serious problems with apps violating consumer rights, cyber security and “disturbing market order.” Internet giant Tencent’s US-listed shares slid 10.5% following orders by regulators to end exclusive contracts with music copyright holders.

(Read more stock market stories.)


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