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US Market Stays in the Green on Wednesday

- By Omar Venerio

U.S. stocks were in positive territory on Wednesday on news that the Federal Reserve will help preserve the economic expansion despite trade tensions. The Dow Jones Industrial Average gained 0.82% to 25,539, the S&P 500 index rose 0.82% to 2,826 and the Nasdaq Composite Index advanced 0.64% to 7,575.

Shares of Salesforce.com Inc. (CRM) gained more than 5% on Wednesday after the company announced first-quarter results. Revenue grew 24.3% from the prior-year quarter to $3.74 billion, beating expectations by $50 million. Earnings of 66 cents per share topped estimates by 5 cents.


"I am thrilled with our results this quarter, and I am especially excited to have delivered record revenue in Q1 and operating cash flow of almost $2 billion, up 34% year over-year," Chairman and Co-CEO Marc Benioff said.

The cash generated from operations was $1.97 billion.

Looking ahead to full fiscal 2020, the company maintained its revenue and operating cash flow guidance and raised its non-GAAP earnings per share guidance to between $2.88 and $2.90 per share.

Gainers

  • Campbell Soup Co. (CPB)
  • MSCI Inc. (MSCI)
  • Under Armour Inc. (UAA)
  • American Airlines Group Inc. (AAL)
  • Under Armour Inc. (UA)



Losers

  • Cimarex Energy Co. (XEC)
  • Occidental Petroleum Corp. (OXY)
  • Halliburton Co. (HAL)
  • National Oilwell Varco Inc. (NOV)
  • Micron Technology Inc. (MU)



Global markets

The main European stock markets also traded in the green. The U.K.'s FTSE 100 gained 0.08%, France's CAC 40 rose 0.45%, Germany's Dax swelled 0.08% and Spain's IBEX 35 inched up 0.36%.

In Asia, Japan's Nikkei 225 climbed 1.80%, India's BSE Sensex fell 0.46%, Hong Kong's Hang Seng advanced 0.50% and China's Shanghai Composite dipped 0.03%.

Disclosure: The author holds no positions in any stocks mentioned.

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This article first appeared on GuruFocus.