Besides banks, cyclical sectors like materials, technology and consumer discretionary, expected to outperform in an environment of economic expansion, also posted strong gains while the only sector to post a loss was defensive utilities.
Advertisement
BREAK IN GAINS? If the Dow and S&P 500 fall for the day, it will break a three-day winning streak kicked off Friday by a solid report on U.S. job creation in June.
Shares of Japanese messaging app operator Line Corp soared as much as 37 per cent in their United States market debut in the biggest tech IPO this year.
The Dow Jones Industrial Average gained 0.7 percent at 18,506.41, its third straight all-time high.
The Nasdaq Composite was up 25.99 points, or 0.52 percent, at 5,031.85. Goldman Sachs (GS) and JPMorgan Chase (JPM) outperformed in the Dow industrials, while eBay (EBAY) was a top gainer in the Nasdaq 100, up 4% ahead of its earnings report next Wednesday.
Shares of Japanese messaging app Line soared 26 percent on their first day of trading. Hong Kong’s Hang Seng index rose 0.5 percent.
The S&P 500 .SPX was up 12.57 points, or 0.58 percent, at 2,165.
Japan’s Nikkei 225 stock index gained 1.2 percent to 16,575.63 as the yen weakened against the dollar.
Treasury prices fell as investors weighed a hotter than expected reading of June PPI; the yield on the 10-year note rose 5 bps to 1.53%.
Strong earnings from JPMorgan Chase boosted USA stocks early Thursday as equity markets shrugged off the Bank of England’s decision not to cut interest rates.
KFC owner Yum Brands climbed 4 percent after its profit beat forecasts.
Two major USA stock indexes set fresh intraday record highs on Thursday on investors’ rosy outlook for big banks’ second-quarter earnings, while European shares also rose and oil prices rebounded from the previous session’s bruising losses.
Wall Street’s record-setting rally extended to the fourth day, even as the Bank of England surprised investors by leaving interest rates unchanged at 0.50 percent.
Spot gold prices XAU= were last down 0.81 percent at $1,331.51 an ounce.
Benchmark 10-year US Treasury yields hit a almost three-week high of 1.551%, partly on US data showing rising inflation.
Stay on topic – This helps keep the thread focused on the discussion at hand. You have now viewed your allowance of free articles.
Be Civil – It’s OK to have a difference in opinion but there’s no need to be a jerk.
Advertisement
ENERGY: Benchmark U.S. crude slipped 33 cents to $45.35 a barrel in electronic trading on the New York Mercantile Exchange.
