Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a1033616

Overnight Markets: Financials lead Wall Street higher ahead of earnings

The Dow Jones closed at a record for the 24th time in 2017, with the quarterly earnings kicking off on Friday.

 
Overnight Markets: Financials lead Wall Street higher ahead of earnings

US stocks gained on Thursday, with the Dow Jones closing at a record for the 24th time in 2017, led by financials ahead of a roster of corporate results from the US’s biggest banks.

The Dow Jones Industrial Average rose 17 points, or 0.08%, to 21,549, the S&P 500 gained four points, or 0.17%, to 2,447 and the Nasdaq Composite added 10 points, or 0.16%, to 6,271.

The financial index was the highest performer among the 11 major S&P sectors, rising 0.48%. Quarterly earnings kick off on Friday with three of the biggest US banks including JP Morgan Chase, Wells Fargo and Citigroup reporting results.

Wells Fargo & Co. rose 0.78%, Citigroup Inc. added 0.15% and Dow component JP Morgan Chase & Co. rose 0.64%.

In company news, shares of Nvidia Corp. fell 1.2% after surging to a record close on Wednesday on the back of an upgrade at SunTrust.

Delta Air Lines Inc. reported second-quarter earnings that missed expectations, although revenue rose. Shares fell 1.8%.

Snap Inc. surged 3% after Stifel Nicolaus upgraded the Snapchat parent to buy, saying that a recent selloff in the stock had created a “compelling” opportunity.

The S&P 500 healthcare index was up 0.23%, showing little reaction to US Senate Majority Leader Mitch McConnell's unveiling of a revised healthcare bill.

US-listed shares of Novartis AG fell 0.8% despite a Food and Drug Administration advisory panel late Wednesday unanimously recommended the agency approve one of its cancer drugs.

Delta Air Lines Inc on Thursday reported a 21% drop in second-quarter profit because of sharply higher operating costs, despite higher passenger unit revenue, sending its shares down about 1.7%.

Target Corp rose 4.2% after an upbeat second-quarter forecast. The news boosted other retailers, with Wal-Mart up 1.4% and Costco edging up 0.9%.

In Asia, shares were mixed on Friday in morning session as markets digested the second day of Federal Reserve Chair Janet Yellen's testimony.

Sign in / register to view full article on one page

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts


In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:

Archive

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Sorry, this link is not
quite ready yet