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U.S. stocks tick up on upbeat data

Xinhua, April 23, 2015 Adjust font size:

U.S. stocks traded higher around midday on Wednesday, as U.S. existing-home sales jumped in March to their highest annual rate in 18 months.

At noon, the Dow Jones Industrial Average gained 39.77 points, or 0.22 percent, to 17,989.36. The S&P 500 increased 5.66 points, or 0.27 percent, to 2,102.95. The Nasdaq Composite Index rose 7.19 points, or 0.14 percent, to 5,021.30.

U.S. existing-home sales increased 6.1 percent to a seasonally adjusted annual rate of 5.19 million in March from 4.89 million in February, beating market consensus, said the National Association of Realtors Wednesday. March's sales increase was the largest monthly increase since December 2010.

"The end of January marked an all-time low in the 30-year interest rate at 2.22 percent, having fallen from over 3 percent in November. Existing-home sales are measured a month or two after the contract is signed, making this March jump likely the product of the steep January decline in mortgage rates," said Jay Morelock, an economist at FTN Financial, in a note.

On corporate news, the Coca-Cola Company reported first quarter 2015 operating results Wednesday. Coca-Cola's quarterly reported earnings per share were 35 cents and comparable earnings per share were 48 cents, above estimates. The company's quarterly revenue was above forecast as well. Its shares rose 1.15 percent around midday.

McDonald's announced global comparable sales decreased 2.3 percent, reflecting native guest traffic in all major segments. The company posted quarterly consolidated revenues decrease of 11 percent compared to the first quarter of 2014 and diluted earnings per share of 84 cents.

Shares of McDonald's, however, added 2.32 percent around midday Wednesday as investors cheered a turnaround plan expected on May 4. The company Tuesday announced a global commitment on deforestation across the company's expansive global supply chain. The commitment builds upon McDonald's Global Sustainability Framework and longstanding leadership in the area of sustainable sourcing. Endite