How the major US stock indexes fared Friday

16 Avril, 2019, 01:41 | Auteur: Auguste Feret
  • Stocks rally lifting S&P 500 to its third winning week in a row

The S&P 500 posted 60 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 95 new highs and 38 new lows. Banks have been benefiting from higher interest rates, which allow them to book fatter profits from making loans.

Disney soared after unveiling a new video streaming service to go up against Netflix, the industry leader.

Netflix shares were down 3.6%.

The market was coming off a wobbly week as investors anxious that the early first-quarter earnings reports would come in even weaker than the low expectations analysts already have.

JPMorgan topped Street expectations in its first quarter financial results, giving investors a shot of confidence at the opening bell. Other banks also rose.

The Dow Jones Industrial Average surged almost 1%, 229 points higher, to 26,376.9. The average still finished slightly lower for the week.

In Europe, the London FTSE rose 7 points to 7,425.1, the French CAC increased 0.3% to 5,503.3 and the German DAX jumped 0.5% to 11,997.7.

At the small-cap level, the Russell 2000 ticked up 5 points to 1,584.1, and the S&P Smallcap 600 gained 0.3% to 970.3.

The gauge of current conditions rose to a four-month high of 114.2, while the expectations gauge fell to 85.8.

In addition to banks, technology, communications and industrial companies helped lift USA stocks Friday. Health care stocks lagged. So far this year, it's lagging the other 10 sectors in the S&P 500. That marks a turnaround from a severe contraction in February as the USA and China continue negotiating a resolution to their costly trade war.

The data on Chinese exports suggests that growth is potentially going to rebound, said Tom Martin, senior portfolio manager with Globalt Investments.

Investors continue focusing on company earnings reports due during the next few months in hopes of gleaning clues regarding the trajectory of the USA economy. Citigroup, UnitedHealth Group and Johnson & Johnson are among the larger companies releasing results next week.

Wrong-footing financial sector watchers who had warned of a "not that great" earnings season for banks, JP Morgan reported higher first-quarter profits on Friday, pointing to a still-solid USA economy reflected in more lending and better profit margins on loans. The expected drop in profits is due nearly entirely to weaker profit margins.

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Exports surged past expectations in March, rising 14.2% in United States dollar terms from the previous year amid the ongoing trade dispute with the U.S., following a 20.8% drop in February.

Shares of the largest US bank by assets rose 4.1% after the company beat quarterly profit estimates, easing fears that slowing economic growth could weigh on its results.

Wells Fargo initially rose after its results beat analysts' forecasts, but it turned lower in midmorning trading and was down 2.8%. The stock fell 2.6 percent.

JPMorgan Chase Chief Executive Jamie Dimon offered a mostly upbeat appraisal of the USA economy after the bank reported better-than-expected earnings.

Wall Street was well on its way to ending the week on high note on Friday, thanks to a strong start to earnings season and a little Disney magic.

The S&P financial index rose 2.3%, providing the biggest boost to the main index, while the S&P banks index gained 2.9%.

STREAMING MOUSE: Disney surged 9% after it released plans to offer a streaming entertainment service.

Disney Plus video is scheduled to roll out on November 12 at $6.99 per month.

Disney ended a lucrative licensing relationship with Netflix in order to create the streaming service.

Energy companies rallied after Chevron stated it could pay $33 billion to buy equal Anadarko Petroleum.

Bond prices fell sharply, sending yields higher.

Anadarko Petroleum shares surged 32.01% in the session after it agreed to be bought by Chevron in a $33bn cash and stock deal. The Nasdaq rose 38 points, or 0.5%, to 7,985.

Financials were the largest percentage gainer, rising 1.9 per cent on the back of JPMorgan Chase earnings.

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