Better-than-expected US jobs data helped propel Wall Street as did corporate earnings that exceeded expectations such as from United Parcel Service.
"Companies have gotten very good at controlling expectations. This has been a pattern of crunching down of estimates prior to earnings being released, and when earnings come out, they beat the number," Stephen Massocca, managing director at Wedbush Equity Management in San Francisco, told Reuters. "Every earnings season, the bar is somewhere where they can get over it."
So far ahead of expectations was Cliffs Natural Resources, an iron ore producer, that its shares soared 17.8 per cent. Shares of UPS rose 2.4 per cent as investors liked its earnings report and outlook.
"The first quarter was particularly challenging for [international] ... but we feel that the business is prospering and global trade, especially within Europe and Asia, will continue to grow," UPS Chief Financial Officer Kurt Kuehn told Reuters. "So that's probably the area that we'll see the most improvement year over year [in the second quarter]."
Yet, some clearly failed to clear the bar. Shares of Exxon Mobil and 3M slid, down 1.1 per cent and 2.7 per cent respectively, as their earnings fell short.