S&P Reaches 4-Mo. High

By Baystreet Market Updates

Major stock indexes stateside traded higher on Friday as investors shrugged off mixed quarterly results from some of the largest U.S. banks.

The Dow Jones Industrials gained 75.47 points to break for lunch Friday at 25,000.36, with United Technologies outperforming.

The S&P 500 recovered 3.48 points to 2,801.77, with energy outperforming.

The NASDAQ added 10.08 points on top of Thursday’s all-time high at 7,833.99, as shares of Amazon rose 0.5% to an all-time high.

J.P. Morgan Chase posted better-than-expected earnings and sales, as its trading revenue rose 13% in the second quarter on a year-over-year basis. Citigroup, meanwhile, posted a stronger-than-expected profit but its revenue for the quarter missed. J.P. Morgan Chase rose 0.8%, while Citigroup dropped more than 2%.

Wells Fargo’s earnings and revenue both missed as its fake-account scandal is still taking a toll on the company. The bank also said a tax hit of $481 million also pressured the results. Shares of Wells Fargo fell 3.4%.

Just over 5% of S&P 500 companies have reported second-quarter results thus far. These companies have posted earnings growth of 16.4%. However, analysts expect second-quarter earnings to have grown by 20%.

Stocks are on track to post strong weekly gains, with the Dow, S&P 500 and NASDAQ all up more than 1% in the time period.

Prices for the benchmark for the 10-year U.S.Treasury eased up, lowering yields to 2.83% from Thursday’s 2.85%. Treasury prices and yields move in opposite directions.

Oil prices gained 43 cents to $70.76U.S. a barrel.

Gold prices slipped $4.40 to $1,242.20U.S. an ounce.

This article provided by NewsEdge.