Can the S&P 500 top 2,000?


The SP 500 rose to another new high Thursday and is now within range of 2,000.

The Dow Jones industrial average was flat and the Nasdaq moved higher as investors focused on the latest batch of earnings.

Overall, corporate earnings for the second quarter have been strong. Of the 148 members of the SP 500 that have reported earnings as of Wednesday, 102 have been better than expected, according to SP Capital IQ.

All-time high for Facebook: Facebook (FB, Tech30) shares soared 7% to a record after posting earnings that blew away expectations.

Qualcomm (QCOM, Tech30)shares plunged due to worries over the company’s business in China. Qualcomm is being investigated under China’s anti-monopoly law. The tech firm said in its quarterly report that some clients in the country are “not fully complying with their contractual obligations.”

ATT (T, Tech30) slipped after reporting earnings that missed expectations by a penny.

Amazon (AMZN, Tech30) and Pandora (P) will report after the close.

Other notable movers: Caterpillar (CAT) shares fell after the construction equipment maker lowered the mid-point of its 2014 sales outlook, citing weakness in China. 3M (MMM) shares edged higher after the company reported earnings that met analysts’ expectations.

General Motors (GM) expects to pay between $400 million and $600 million to compensation victims of its faulty ignition switches, which have been linked to at least 13 deaths. As a result, GM will take a $1.2 billion pre-tax charge. The report comes one day after GM recalled another 718,000 vehicles.

Rival automaker Ford (F) reported a quarterly pre-tax profit of $2.6 billion, including its first profit in Europe in three years. Shares rose 1%.

 

Dunkin’ Donuts (DNKN) shares fell after the company missed sales forecasts, which it blamed on weakness in the U.S. and faltering Japanese sales of Baskin-Robbins ice cream. Under Armor (UA) shares jumped on better-than-expected results.

Related: Fear Greed Index still shows fear

Shares of United Airlines (UAL) rose after the carrier announced a 51% surge in quarterly net income . The airline also announced a $1 billion share repurchase program.

Starbucks (SBUX) and Visa (V) will report after the close.

Stronger economy: The number of Americans filing first-time claims for unemployment benefits fell to a more than 8-year low, according to the Labor Department’s weekly report.

China’s factories are motoring again after a dismal start to the year, with a preliminary estimate of manufacturing activity hitting an 18-month high in July.

Related: CNNMoney’s Tech30

There was good news from Europe too, with a survey of purchasing managers matching a 3-year high seen in April. European markets were mainly firmer, as were most Asian markets, although Japan’s Nikkei slipped.

Political risks lurk: The big risk for Europe’s recovery remains an escalation in the dispute with Russia over Ukraine. EU officials are due to present options for much tougher sanctions Thursday, including measures that could restrict Russia’s access to European financial markets, as well as arms and energy technology. France’s Technip (TKPPY) said sanctions may hurt its profit margins this year.

European markets were higher in afternoon trading. Asian markets ended mixed.

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