United States stocks end week on record high with some future concerns

15 July, 2017, 09:24 | Author: Leticia Walters

Banks and technology companies led USA stocks to modest gains Thursday, pushing the Dow Jones industrial average to its second record close in two days.

The Dow Jones Industrial Average closed 84 points higher at 21,637, a record.

In New York, the Dow Jones industrial average gained 9.39 points to 21,562.48, the S&P 500 index added 3.67 points to 2,451.50 and the Nasdaq composite index climbed 13.42 points to 6,287.86.

The Nasdaq Composite outperformed the Dow and the S&P, rising 0.6% to close at 6,312.

A decline in financial shares limited the day's gains, even though JPMorgan Chase & Co (JPM.N) and other big banks delivered quarterly results that beat Wall Street expectations.

Stocks rose as investors waited for day two of Federal Reserve chief Janet Yellen's testimony to Congress. For the week, the Dow advanced more than 1%.

In corporate news, JPMorgan Chase reported quarterly net income of seven billion us dollars, up 13 percent year-on-year. The Russell 2000 index of smaller-company stocks inched up 1.34 points, or 0.1 percent, to 1,425.66.

The index for all items less food and energy rose 0.1 percent in June, its third straight such increase. Target Corp. rose 4.8 percent after an upbeat second-quarter forecast.

Bank of America shares fell about 1%, while Citigroup edged up 0.2%.

Advancing issues outnumbered declining ones on the NYSE by a 2.54-to-1 ratio; on Nasdaq, a 1.29-to-1 ratio favored advancers.

Bank of America, Goldman Sachs and Morgan Stanley will report results next week.

The Canadian dollar was trading at 78.94 cents United States, up from Thursday's average price of 78.47 cents US.

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