The Dow Jones industrial average tried to join the other major indexes in positive territory with minutes left to go in Thursday’s session, as earnings reports remained the focal point.
The Nasdaq composite outperformed again, rising 0.3%. The S&P 500 added 0.2%, while the Dow Jones industrial average was fractionally lower after briefly turning positive. Volume on the NYSE and Nasdaq was tracking slightly lower than Wednesday’s levels in the stock market today.
At the New York Mercantile Exchange, West Texas Intermediate crude oil for September delivery fell nearly 2% to $41.15 a barrel.
IBD’S TAKE: Facebook sells at a premium valuation, but it’s justified because of huge growth in recent quarters. To learn more about how earnings influence a stock’s price, visit the IBD Learning Center.
Another IBD 50 name, GrubHub (GRUB), soared 25% to a new 52-week high after second-quarter earnings and sales growth accelerated nicely from the first quarter. Earnings jumped 35% from a year earlier to 23 cents a share, 4 cents above views. Sales rose 37% to $120.2 million.
After revisiting a 123.53 flat-base entry, Zimmer Biomet (ZBH) gapped up on strong earnings. Shares rose 4% to 127.75. The stock is still in buy range from the 123.53 entry.