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Wall Street rises to 15-month high as earnings reports roll in
from 07262023 BUSINESS
by tribune242
By STAN CHOE AP Business Writer
WALL Street strength- ened Tuesday after more companies reported fatter profits for the spring than expected.
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The S&P 500 rose 12.82, or 0.3%, to 4,567.46 and its highest close since early April 2022. The Dow Jones Industrial Average gained 26.83, or 0.1%, to 35,438.07, and the Nasdaq composite climbed 85.69, or 0.6%, to 14,144.56.
General Electric helped lead the market with a 6.3% rally after it reported stronger profit for the latest quarter than analysts expected. It also raised its forecasts for full-year revenue and profits.
Another industrial giant, 3M, rose 5.3% after the maker of Scotch-Brite and Post-It raised its forecast for profits for the full year thanks in part to cost cutting efforts. Home builder PulteGroup climbed 6.2% after reporting stronger profit for the spring than expected.
On the losing side of Wall Street were airline stocks, led by Alaska Air Group. It fell 9.7% despite reporting stronger profit and revenue for the latest quarter than expected. Analysts said investors may have been disappointed with its financial forecasts for the current quarter.
Raytheon Technologies tumbled 10.2% after saying accelerated removals and inspections are needed for some of its Pratt & Whitney aircraft engines to look for a rare condition in powder metal. That pushed the company to lower its forecast for how much cash it will generate this year, though it also reported stronger profit for the spring than analysts expected.
This week is a busy one for earnings reports, and roughly 30% of the companies in the S&P 500 are on the schedule. The majority have been topping analysts' expectations so far this reporting season, as is usually the case.
Two of Wall Street's most influential stocks reported their results after trading closed for the day, Microsoft and Alphabet. They're two of the seven stocks behind the majority of the S&P 500's nearly 16% gain through the first half of the year.
That "Magnificent 7" will need to deliver strong results to justify their huge gains for the year so far, as their stocks soared on on expectations they'll continue to deliver strong growth. Both Alphabet and Microsoft are up more than 38% for the year so far.
UPS, meanwhile, swung between gains and losses after reaching a tentative deal with 340,000 unionized workers to raise pay, which potentially averts a strike. UPS ended the day down 1.9% consumers rose by more than economists expected. But many on Wall Street warn the Fed is unlikely to give any signals on Wednesday that it's done raising rates. Inflation is still high, even if it's moderated somewhat, and the economy may have to "yield to a long but shallow recession if the Fed is to return inflation to its 2% target," according to Steven Ricchiuto, US chief economist at Mizuho Securities.
This week's other highlight for Wall Street also got underway Tuesday: the Federal Reserve's latest meeting on interest rates.
The wide expectation is for the Fed on Wednesday to announce another increase to interest rates, as it tries to wrestle high inflation under control. That would take the federal funds rate to a range of 5.25% to 5.50%, its highest level in two decades and up from virtually zero early last year.
High rates grind down on inflation by slowing the entire economy and hurting prices for stocks and other investments. The hope among traders is Wednesday's move will be the final increase of this cycle because inflation has been cooling since last summer.
Such hopes, along with rising belief that the economy can avoid a longpredicted recession, have helped stocks rally strongly this year. The job market has remained remarkably solid, which has allowed U.S. households to keep spending and propping up the economy. A report on Tuesday showed confidence among U.S.
In the bond market, yields were relatively steady for Treasurys.
The 10-year Treasury yield was holding at 3.88%. It helps set rates for mortgages and other important loans.
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COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT
Common Law and Equity Division
BETWEEN
2023
CLE/Qui/00294
IN THE MATTER of the Quieting Titles Act, 1959 AND
IN THE MATTER of ALL THAT piece parcel or Lot of Land containing 4,054 square feet situate on the Southern side of Brougham Street between Blue Hill Road and Market Street in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas and shown on a plan on record in the Department of Lands and Surveys as Plan numbered 6113 NP.
AND
IN THE MATTER of the Petition of VANESSA WALKES-SANDS
NOTICE
THE PETITION OF VANESSA WALKES-SANDS in respect of:-
“ALL THAT piece parcel or Lot of Land containing 4,054 square feet situate on the Southern side of Brougham Street between Blue Hill Road and Market Street in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas and more particularly described and shown and delineated on Plan No. 6113 NP fled in the Department of Lands and Surveys.”
THE PETITIONER claims to be the owner of the fee simple estate in possession of the parcel of land hereinbefore described free from encumbrances and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act, 1959, in the above action, to have her title to the said land investigated and the nature and extent thereof determined and declared in a Certifcate of Title to be granted in accordance with the provisions of the said Act.
NOTICE is hereby given that any person having a dower or a right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of Thirty (30) days after the fnal publication of these presents, fle in the said Registry of Supreme Court and serve on the Petitioner or the undersigned a Statement of his claim in the prescribed form verifed by an Affdavit to be fled therewith. Failure of any such person to fle and serve a Statement of his Claim on or before the expiration of Thirty (30) days after the fnal publication of these presents will operate as bar to such claims.
Copies of the Petition and Plan of the said land may be inspected during normal offce hours in the following places:- the Registry of the Supreme Court, 1st Floor, British American Building, George Street, Nassau, The Bahamas, and the Chambers of the Petitioner’s Attorneys, Duffus House Annex, 36B Sears Road in the City of Nassau, The Bahamas.
NORWOOD A. ROLLE & CO., Chambers, Duffus House Annex, 36B Sears Road, Nassau, N.P. The Bahamas. Attorneys for the Petitioner