dow sp 500 end at records after solid us bank earnings
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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Dow, S&P 500 end at records after solid US bank earnings

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Arab Today, arab today Dow, S&P 500 end at records after solid US bank earnings

Dow, S&P 500 end at records after solid US bank earnings
New York - Arab Today

The Dow and S&P 500 surged to fresh records Friday after solid earnings from large banks bolstered confidence about the overall second-quarter reporting period.

The Dow Jones Industrial Average climbed 0.4 percent to 21,637.76, its third straight record.

The broad-based S&P 500 gained 0.5 percent to end at 2,459.27, beating the previous record set June 19, while the tech-rich Nasdaq Composite Index advanced 0.6 percent to 6,312.47.

"The fact that the banks started off the earnings season with very good earnings will bode well," said Bill Lynch, director of investment at Hinsdale Associates. 

"Most strategists expect the season to be a good one with earnings going up at least six percent, maybe as much as nine percent."

JPMorgan Chase, Citigroup and Wells Fargo all reported higher earnings than expected by Wall Street analysts, showing the benefits of higher US interest rates, despite a drop in revenue from trading divisions.

However, share prices for all three banks fell, with JPMorgan losing 0.9 percent, Citigroup 0.4 percent and Wells Fargo 1.1 percent. 

Banking shares had outperformed the broader market in the last six weeks, meaning that an even better performance would have been needed to boost the shares further, analysts said.

US economic data was mixed, with the consumer price index flat in June and retail sales falling 0.2 percent during the month. Industrial production rose for the fifth straight month, but manufacturing output was lackluster.

"The expectation is that the Fed is less likely to raise interest rates, which is positive for some sectors but clearly negative for the banks," said Karl Haeling of LBBW. 

Sprint jumped 4.3 percent following reports the company's chairman held talks with billionaires Warren Buffett and John Malone about an investment in the wireless company.

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