Stocks rise after Coke Hasbro others reports solid earnings

NEW YORK — U.S. stocks moved higher in early trading Tuesday on Wall Street as several major companies reported solid second quarter earnings.Corporate earnings are now in full swing after last week’s relatively light load of mixed results. Nearly 150 companies in the S&P 500 will report their financial results through Friday. Analysts are expecting this round of earnings to be weak.JPMorgan Chase, Bank of America and several other banks gained ground as bond yields rose. Higher bond yields allow banks to charge more interest on loans.Coca-Cola soared after beating Wall Street’s second quarter profit forecasts. The surprisingly good results helped lift other consumer product makers. Kraft Heinz rose 1.7% and Kellogg rose 1.8%Stanley Black & Decker rose 6.6% after it reported second quarter profit well above analysts’ forecasts. The tool maker made one of the biggest gains in the industrial sector. General Electric rose 2.6% and United Technologies rose 1.8%.Utilities lagged the market as investors moved away from defensive holdings and took on more risk.KEEPING SCORE: The S&P 500 index rose 0.2% as of 10 a.m. Eastern time. The Dow Jones Industrial Average rose 72 points, or 0.3%, to 27,245. The Nasdaq composite rose 0.1%.OVERSEAS: European stocks moved broadly higher, though London’s FTSE 100 was relatively flat after Boris Johnson was named as the new prime minister, a move that could increase the risks of a disorderly Brexit. Germany’s DAX soared 1.8% and France’s CAC 40 rose 1%.STOCK POP: Coca-Cola rose 5% after the beverage company raised its revenue forecast for the year following a solid second quarter. The company reported 3% growth in sales of its namesake soft drinks and it has been expanding into energy drinks and coffee.WELL PLAYED: Hasbro rose 6.1% after blowing away Wall Street’s second quarter profit forecasts. The toy maker reported growth for many of its classic games and toys, including the board game Monopoly and Play-Doh. It also reported growth for its digital game “Magic: The Gathering” and got some help from its partnership with Marvel on Avengers and Spiderman action figures.QUALITY TOOLS: Stanley Black & Decker rose 5.4% after the tool maker beat Wall Street’s profit forecasts for the second quarter. The company reported increases in sales volumes and prices for its tools and storage products.OIL: Crude oil prices remained mostly flat. Benchmark edged down 0.3%. Brent crude oil, the international standard, were flat. Energy prices have been volatile over the last few weeks as tensions between the U.S. and Iran intensify.Damian J. Troise, The Associated Press read more

56th Field reservists helping with flood relief efforts

Reservists from the 56th Field Artillery Regiment are on their way to Renfrew County to help with relief efforts in the flood ravaged community west of Ottawa.The reservists were expected to be in Renfrew by Friday morning. Many of them were previously deployed about 300 kilometres west of Renfrew in Bracebridge, which was hard hit by flooding earlier this week.“We got the call on the weekend and on Monday morning we had assembled at the (Brantford) armouries” for the trip to Bracebridge, Sgt. Nathan Robert said Thursday in a telephone interview.The reservists were busy.“We filled sandbags, checked houses and conducted wellness checks on residents in flood areas,’ said Robert.“We checked to see what they needed in terms of medication, food and water.”The contingent from the 56th Field is a combination of students and employees, who took time off work to help with flood-relief efforts, Robert said. They were among hundreds of military personnel dispatched to help with flood-response efforts.Bracebridge, Muskoka Lakes and Huntsville were hit by “historical flooding” after heavy rainfall combined with melting snow led to high water levels in the Muskoka River. A state of emergency was declared on Sunday. By Thursday, water levels started to decline and were expected to decrease further overnight.“This is the kind of operation that the reserves were created for and we’re here to help these communities as best we can,” Robert said. “The people up here are incredible.“They’re going through a tough time but they are so grateful for our efforts.”The reservists stayed in a local sports complex and residents showed their appreciation by regularly dropping by with coffee, cookies and muffins, Robert said.He said the reservists are eager to next help the residents in Renfrew.A county-wide state of emergency was declared in Renfrew on Sunday when high water levels in the Ottawa, Madawaska and Bonnechere rivers rose and began flooding nearby [email protected] read more