Dow, S&P 500 end at records after solid United States bank earnings

Jay Anderson
July 15, 2017

The Standard & Poor (S&P)'s 500 index, Dow Jones industrial average and Russell 2000 index of smaller-company stocks set records by the close of trade in NY on Friday on a third straight day of gains.

Chances of a rate hike in December fell to 48 per cent after the release of data, from 55 per cent late Thursday.

The Dow is up 223.40 points, or 1 percent.

In corporate news, JPMorgan Chase reported quarterly net income of seven billion us dollars, up 13 percent year-on-year.

The financial index was the best performer among the 11 major S&P sectors, ending up 0.61 percent. The S&P 500 and Nasdaq ended up 0.2% each.

Kinross Gold Corporation (KGC)
Equities analysts anticipate that Kinross Gold Corporation will post $0.07 earnings per share for the current fiscal year. Company shares have been seen trading -28.78% off of the 52 week high and 37.50% away from the 52 week low.

Federal Reserve Chair Janet Yellen told a Senate panel on Thursday that it would be "quite challenging" for USA growth to reach a 3-percent target set by President Donald Trump. Small caps posted a weak session, with Russell 2000 futures ending only slightly below the break-even line.

The S&P climbed 0.6 percent to close at 2,459.27, setting intraday and closing records.

A slew of Dow industrials will report second quarter results next week, including Goldman Sachs, UnitedHealth Group Inc. First-quarter earnings posted their best performance since 2011, according to Thomson Reuters.

Earnings will be closely watched to see if high valuations are justified in the face of tepid inflation and a recent patch of mixed economic data. Shares of Microsoft Corp (NASDAQ: MSFT) rose 1.4%. The deal, announced in June, marks the biggest acquisition ever for the world's largest online retailer. DuPont (NYSE: DD) finished 1.1% higher.

The Canadian dollar was trading at an average price of 78.91 cents United States, up 0.44 of a USA cent.

Other reports by BadHub

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