Weekly Wrap: Stocks Hit New Highs as Earnings Roll In
Earnings weren't uniformly good, but mostly better-than-expected results and progress on tax reform sent stocks to record highs.
Earnings season is well under way, and so far results have been ahead of expectations. According to Factset, 76% of S&P 500 companies that have reported so far have beat consensus estimates. Those earnings, along with progress in Washington on tax reform, pushed stocks to records. The Dow even broke though the 23,000 barrier almost 30 years after the infamous Black Monday crash.
Procter & Gamble (PG) shares slumped Friday after earnings, but analyst Erin Lash thinks the company is laying a solid foundation. She thinks there was plenty in the quarter that showed management was investing to support its brands, a key element of our wide-moat rating. She writes:
Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.