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Wall Street inches higher on tech boost, Johnson & Johnson earnings


Added 04-16-19 12:04:02pm EST - “Johnson & Johnson gained 4.5% after the healthcare conglomerate beat quarterly profit estimates and raised its adjusted sales growth forecast for the year. Bank of America Corp declined 2.2% after quarterly revenue fell short of expectations,…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Wall Street inches higher on tech boost, Johnson & Johnson earnings”. Below is an excerpt from the article.

(Reuters) - U.S. stocks edged higher on Tuesday, as an advance in technology shares and a jump in Johnson & Johnson following strong results countered losses in UnitedHealth and Bank of America.

Johnson & Johnson gained 4.5% after the healthcare conglomerate beat quarterly profit estimates and raised its adjusted sales growth forecast for the year.

Bank of America Corp declined 2.2% after quarterly revenue fell short of expectations, weighing the most on the benchmark S&P index.

The results come after Goldman Sachs Group Inc and Citigroup Inc on Monday disappointed with quarterly revenue misses.

"At the margin, you are getting positive surprises on the earnings front. I don't think that it was unexpected that things related to the cyclical economy to be weak," said Thomas Martin, senior portfolio manager at Globalt Investments in Atlanta.

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