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Bridging The Gap
US stocks continue recoveryv
  Friday 19 May, 2017
US stocks continue recoveryv

Shares in US machinery-maker Deere & Co rose 7% after it forecast strong sales, helped by demand for tractors in South America.

The rosy outlook was part of an upbeat start to trading on Friday, as US stocks opened higher after ceding ground earlier in the week.

The S&P 500 was up 0.5%, topping 2,376, while the Dow Jones climbed 0.3% to 20,732.02

The Nasdaq gained 0.4% in early trade, hovering above 6,079.

Deere & Co's shares rose after it released results for the three months to April. Net sales in the quarter were $5.8bn, up 1% from the same period a year ago.

But the firm forecast an 9% rise in sales for the financial year, powered in part by a 20% rise in sales of farm machinery in South America.

The firm was less optimistic about gains in US and Canada, citing low crop prices that are depressing demand for agriculture equipment.

Shares in Campbell Soup fell 2% after the food company posted disappointing quarterly results and said its full-year sales could fall.

Separately, the president of the St. Louis branch of the Federal Reserve, James Bullard, said inflation in recent months had been limited, and may warrant fewer interest rate increases this year than expected.

In a speech, Mr Bullard - a non-voting member of the federal open markets committee this year - called the policy path "overly aggressive relative to actual incoming data".

Source: http://www.bbc.com/news/business-39979169

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