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U.S. stocks edged higher as an oil rally lifted energy producers, with the Standard & Poor’s 500 Index holding at a four-month high amid a slate of corporate earnings that gave investors little clear direction. An afternoon rally stumbled in the final hour of trading to leave equities little changed, wiping out much of the gains sparked by a rebound in crude. Oil jumped after Iraq’s oil minister said major OPEC and other oil producers will meet possibly next month in a new push to freeze output. Meanwhile, a better-than-forecast profit from Discover Financial Services helped offset underwhelming results at Coca-Cola Co. The S&P 500 gained 0.1 percent to 2,102.40 at 4 p.m. in New York, after rising as much as 0.5 percent and briefly touching the highest level since July. The Dow Jones Industrial Average added 42.67 points, or 0.2 percent, to 18,096.27, trimming a 114-point climb. The gauge held at a nine-month high. The Nasdaq Composite Index increased 0.2 percent. About 7.5 billion shares traded hands on U.S. exchanges, 7.4 percent below the three- month average.
PRESS COMMENTARY
Financial Times: Hedge funds have suffered their worst quarter in seven years after more than $15 billion was pulled out by investors starting to fight back against the high fees being charged across the industry.
The Daily Telegraph: Google has been formally charged with monopoly abuse over an alleged effort to crush rivals to its mobile search service and Android smartphone operating system, in a major escalation of its battle with Brussels.
COMPANY NEWS
Volkswagen AG has agreed to set aside at least $10 billion to resolve civil claims by the U.S. government and lawsuits by American car owners over diesel vehicles rigged to cheat pollution controls, a person with direct knowledge of the matter said. The parties reached the accord ahead of a Thursday deadline set by a federal judge for the carmaker to say how it would fix the vehicles. Volkswagen has been negotiating with U.S. environmental regulators on an acceptable solution. Judge Charles Breyer said that fixing the almost 600,000 vehicles or getting them off the road would be the first step to any settlement.
Sky PLC's (SKY.LN) earnings climbed Thursday as subscriber growth and demand for new products in the U.K. and Germany pushed up revenue for the satellite broadcaster and pay-TV giant.
Novartis AG said first-quarter earnings fell 12 percent after the company’s best-selling cancer medicine Gleevec faced generic competition in the U.S. Profit declined to $1.17 a share, excluding some items, the Basel, Switzerland-based company said Thursday in a statement.
Pets At Home Group PLC (PETS.LN), a retailer of pet food, accessories and services, reported a 3.2% rise in like-for-like revenue growth in the final quarter and said full-year profit will be in line with expectations.
Schneider Electric SE first-quarter sales fell after the world’s biggest maker of low- and medium-voltage equipment was more selective on projects amid an oil and gas industry slump that continued to bite.
BHP Says Iron Ore, Met Coal May Fall Again in Short, Medium-Term.
Ladbrokes PLC (LAD.LN) said Thursday it has had an encouraging start to the year as it recorded a 10.6% rise in group net revenue during the first quarter ended March 31, and said it expects full year results in line with its expectations.
SEGRO PLC (SGRO.LN), a real estate investor specializing in warehouses and industrial buildings, Thursday said 2016 is progressing well in line with its expectations.
Pernod Ricard SA, the maker of Chivas Regal whisky and Martell cognac, reported third-quarter sales in line with analyst estimates as retailers in the U.S. restocked.
Ericsson AB’s first-quarter sales missed analysts’ estimates as phone operators continued to curb network investments and the Swedish company’s push to software and services failed to boost growth. Source Quilter Cheviot
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