NEW YORK (AP) — Wall Street drifted to a mixed close as drops for Ford Motor and Qualcomm worked against buoyant fashion and cigarette stocks. The S&P 500 rose 0.
NEW YORK — Wall Street drifted to a mixed close as drops for Ford Motor and Qualcomm worked against buoyant fashion and cigarette stocks. The S&P 500 rose 0.4% Thursday following healthy gains for stock markets across much of Europe and Asia. The Dow Jones Industrial Average fell 125 points, or 0.3%, and the Nasdaq composite rose 0.5%. Both Ford and Qualcomm fell despite reporting better profits than expected. Tapestry, Ralph Lauren and Philip Morris International rose.
The company gave a forecasted range for how much cash it will generate this year whose midpoint fell below analysts’ expectations, for example. Philip Morris International, which sells Marlboro cigarettes and smokeless tobacco products around the world, was one of the strongest forces pushing upward on the S&P 500 and rallied 10.8% after reporting a better profit than expected. It also gave financial forecasts that topped expectations, and analysts pointed in particular to strength for its Zyn nicotine pouches.
After rocking financial markets around the world at the start of this week, worries about a potentially punishing global trade war have eased a bit after Trump gave 30-day reprieves for tariffs on both Mexico and Canada. Eli Lilly rallied 3.1% after the drugmaker showed how demand for its hot-selling diabetes and obesity treatments is swelling its profits.
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