S&P 500 climbs above 1,700 on stimulus bets, economic reports

‘The Croods’

DreamWorks climbed 8.6 % to $26.88. The independent film studio run by Jeffrey Katzenberg reported a 75 % surge in profit, driven by the hit movie “The Croods.”

Automakers advanced 2.3 % as a group in the S&P 500, as vehicle sales extended a resurgence that’s putting the industry on course for its best year since 2007. Ford Motor Co. gained 1.8 % to $17.18 as light-vehicle sales increased 11 % in July. General Motors Co. rose 1.7 % to $36.48 after its deliveries jumped 16 % last month.

Industrial companies rose 1.8 % as a group. Quanta Services Inc. jumped 4.7 to $28.07. The biggest U.S. power line contractor exceeded analysts’ estimates for a ninth straight quarter, according to data compiled by Bloomberg. The company boosted its full-year forecast.

Yelp Inc. soared 26 % to $52.63. The company, whose website compiles consumer-business reviews, said second-quarter sales climbed 69 % to $55 million, topping the $53.3 million average analyst prediction compiled by Bloomberg.

CBS Corp. gained 4.1 % to $54.98. The owner of the most-watched U.S. TV network said second-quarter profit rose 11 %, spurred by higher rates from pay-TV systems and new Internet streaming agreements.

Wolfcamp Results

Pioneer Natural Resources Co. jumped 13 % to $175.62. At least three analysts raised their share-price forecasts for the oil and gas producer, according to data compiled by Bloomberg. Results from Pioneer’s Wolfcamp drilling site appear to show the company has “established a giant resource play,” Jonathan Wolff, an analyst with International Strategy & Investment Group LLC, wrote in a note.

Sprouts Farmers Market LLC more than doubled to $38.05 on the first day of trading. The organic grocery chain and existing owners sold 18.5 million shares, or a 13 % stake, for $18 apiece, pricing its initial public offering above the marketed range as increasing consumer confidence ignites interest in companies from restaurants to cruise lines.

Exxon Mobil dropped 1.3 % to $92.51. The world’s biggest energy company by market value reported profit of $1.55 a share as returns from its fuel-making business plunged. That missed the average analyst estimate by 18 %, the biggest gap since at least the fourth quarter of 2002.


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