strong bank earnings propel stocks higher
Last Updated : GMT 02:09:47
Arab Today, arab today
Arab Today, arab today

Strong bank earnings propel stocks higher

Arab Today, arab today

Arab Today, arab today Strong bank earnings propel stocks higher

New York - AFP

US stocks edged higher to new highs Friday after strong banking earnings helped offset a profit warning from UPS and fresh trouble for Boeing\'s Dreamliner aircraft. The Dow Jones Industrial Average rose 3.38 (0.02 percent) to 15,464.30, nudging above Thursday\'s record. The S&P 500 also rose to a new record, adding 5.17 (0.31 percent) at 1,680.19, while the tech-rich Nasdaq Composite Index jumped 21.78 (0.61 percent) to 3,600.08. Earnings from JPMorgan Chase and Wells Fargo beat expectations by a wide margin. Wells Fargo shares jumped 1.8 percent after reporting a jump in net second quarter earnings to $5.5 billion compared with $4.6 billion a year earlier, helped by 3.5 percent growth in loans. Bank executives said its size and varied income streams insulates it from some of the negative effects of higher interest rates. JPMorgan ended the day down 0.3 percent after trading in positive territory much of the day. The bank reported a 31 percent gain in profits but warned higher interest rates could crimp profits from mortgage banking. Other banks also gained, including Bank of America (up 2.0 percent) and Morgan Stanley (up 2.3 percent). But the Dow was weighted down by Boeing after a parked Ethiopian Airlines 787 Dreamliner plane caught fire at London\'s Heathrow airport, raising new fears for the trouble-plagued aircraft after it was grounded earlier this year for battery issues. Boeing closed 4.7 percent lower after dropping as much as 7.4 percent earlier in the day. UPS closed 5.8 percent lower, while rival FedEx shed 2.0 percent, after UPS slashed its second-quarter forecast, citing weak US industrial activity and air freight overcapacity. Dell slipped 0.2 percent after Carl Icahn and his allies boosted their offer, a rival to the go-private takeover proposed by a consortium led by founder Michael Dell. Alexion Pharmaceuticals soared 12.6 percent following reports that Swiss pharmaceutical company Roche Holding is seeking financing for a potential takeover of the company. Another pharmaceutical company, Regeneron, jumped 7.3 percent following a ratings upgrade. Lazard gave the company a \"buy\" rating, predicting potential growth across numerous business lines. Bond prices fell.The yield on the 10-year Treasury rose to 2.60 percent from 2.57 percent late Thursday, while the 30-year increased to 3.65 percent from 3.62 percent. Bond prices and yields move inversely.

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