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1st LD Writethru: Nasdaq ends at record after Greek vote

Xinhua, July 17, 2015 Adjust font size:

U.S. stocks ticked up amid upbeat earnings Thursday, with the Nasdaq Composite Index eclipsing its previous closing record, as Wall Street cheered over the Greek parliament's approval of austerity measures demanded by creditors.

The Dow Jones Industrial Average rose 70.08 points, or 0.39 percent, to 18,120.25. The S&P 500 was up 16.89 points, or 0.80 percent, to 2,124.29. The Nasdaq Composite Index jumped 64.24 points, or 1.26 percent, to 5,163.18.

Greek parliamentarians on Thursday approved a bill with an overwhelming majority to give the go-ahead to the debt deal the government reached Monday with international creditors.

The parliament also agreed on the first round of reform measures requested as prerequisites for the immediate release of international aid to avert debt default and Grexit from the European Union (EU).

The Eurogroup on Thursday agreed to offer Greece a three-year grant from the European Stability Mechanism (ESM).

Meanwhile, the European Central Bank (ECB) on Thursday announced to increase emergency funding for Greek banks by 900 million euros (about 981 million U.S. dollars), a move to help remove the country's ongoing capital controls.

On the economic front, in the week ending July 11, the advance figure for seasonally adjusted initial jobless claims was 281,000, a decrease of 15,000 from the previous week's revised level and roughly in line with market consensus, said the U.S. Labor Department Thursday.

A batch of notable companies reported quarterly results Thursday.

Citigroup Inc. reported net income of 4.8 billion dollars for the second quarter 2015, or 1.51 dollars per diluted share, on revenues of 19.5 billion dollars, beating market estimates. Its shares surged 3.77 percent to 58.59 dollars apiece.

The Goldman Sachs Group, Inc. fell 0.84 percent to 211.18 dollars apiece after its second-quarter earnings missed market expectations. The bank announced net revenues of 9.07 billion dollars, net earnings of 1.05 billion dollars and diluted earnings per common share of 1.98 dollars for the second quarter.

Intel Corporation reported second-quarter net income of 2.7 billion dollars on revenue of 13.2 billion dollars, also beating market consensus. The chipmaker's shares rose 0.71 percent to 29. 90 dollars apiece.

Shares of Netflix Inc. romped 18.02 percent to 115.81 dollars apiece Thursday, as the streaming media company said in its earnings report that it added 3.28 million subscribers in the second quarter, well above market consensus. Endite