Business

Snapshot: Optimism on profits pushes up the market

Advertisement

Cautious optimism over corporate earnings sent stocks higher. Companies start reporting their second-quarter results this week. Analysts predict earnings growth for S&P 500 companies of 3%, on average, down from 5% in the first quarter but with profits still at record levels. Dell was a big gainer; an advisory firm backed a plan to take the computer company private. Founder Michael Dell and Silver Lake Partners are offering $24.4 billion, or $13.65 a share. The Russell 2000 index closed at a record high; the Nasdaq had the smallest gain, weighed down by Intel’s slump as an analyst warned of waning demand for smartphones. Other chip makers fell, too.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.