|Day's Range||27,135.45 - 27,333.79|
|52 Week Range||21,712.53 - 27,333.79|
Earnings season is almost here with big banks like JPMorgan, Citigroup, and Bank of America set to report next week. Yahoo Finance's Seana Smith and Brad McMillan, chief investment officer at Commonwealth Financial Network, discuss what to expect and whether it could end the market rally.
Investing.com – The very merry July stock market rally bubbled along Friday with the major averages all setting new highs and the S&P; 500 closing above 3,000 for the first time.
All three major indexes closed at record highs on Friday, with the S&P 500 topping 3000, as investors remained optimistic about the likelihood of a rate cut.
DEEP DIVE It has been amazing to watch U.S. stocks turn around this year, following a miserable fourth quarter, in line with to the Federal Reserve‘s change from monetary tightening back to the dovish tone and policy investors have grown so used to since 2008.
The Dow Jones industrials powered ahead in the stock market today as it scored a second straight record high to send its weekly gain past 400 points.
U.S. stocks push further into record territory Friday, after Federal Reserve Chairman Jerome Powell in two days of congressional testimony bolstered investor expectations for a rate cut at the end of the month.
The S&P 500 closed above the 3,000 level for the first time, with the industrial, consumer discretionary and materials sectors each posting gains of at least 1%. Illumina Inc shares tumbled 16.1%, the most among S&P 500 companies, after the gene sequencing company's preliminary second-quarter revenue came in below analyst estimates.
Wall Street stocks closed higher and the dollar fell on Friday as investors prepared for a U.S. interest-rate cut, while oil futures were little changed as a forecast for a global crude surplus offset worries about U.S. output declines due to a tropical storm. Market expectations of an interest rate cut in July held firm after two days of testimony from Federal Reserve Chair Jerome Powell. Wall Street's benchmark, the S&P 500, and the Dow Jones Industrial Average rose modestly a day after hitting record highs.
Major stock indexes posted record finishes Friday, ending a positive week for equities on a high note. The Dow Jones Industrial Average rose around 244 points, or 0.9%, to end near 27,332, according to preliminary figures, while the S&P 500 ended above the 3,000 level for the first time, rising nearly 14 points, or 0.5%, to end near 3,014. The Nasdaq Composite advanced around 48 points to end near 8,244, a gain of 0.6%. Stocks were boosted this week after Federal Reserve Chairman Jerome Powell, in two days of testimony before House and Senate lawmakers, did nothing to dissuade investors from expectations that policy makers will move at the end of the month to cut interest rates.
It took only eight trading sessions for the Dow to sprint from the 25,000 level to 26,000 in January of 2018. Over 500 days and exactly 372 trading sessions later, the index notched its next 1,000-point milestone.
3M Co.'s stock price target was cut Friday to $182 from $201 by UBS analyst Damian Karas, who cited recent comments from the industrial, health-care and consumer products company about restructuring and continued deceleration in macro economic data. The cut comes about two weeks before 3M is scheduled to report second-quarter results, ahead of the July 25 open. Karas kept his rating at neutral. He said he believes 3M has some "proving out" to do: "After five guide-downs in five quarters, it is our view that investors will be hesitant to put new money to work in 3M until growth stabilizes and earnings again hit targets. The Q2 FactSet earnings-per-share consensus is $2.05, but that is down from a $2.64 consensus at the end of the first quarter. Meanwhile, the stock rallied 2.3% in afternoon trading, but has tumbled 20.4% over the past three months, while the Dow Jones Industrial Average has gained 3.3%.
A stock-market index of small caps is at its weakest versus the S&P 500 since the financial crisis, suggesting a liquidity problem is brewing.
U.S. stocks hit record highs on Friday as high expectations for an interest-rate cut from the Federal Reserve continued to propel shares while investors awaited next week's kickoff of the corporate earnings season. The S&P 500 traded above the 3,000 level for a third straight session, with industrial and consumer discretionary posting gains of 1% or more. "All this week has been the Federal Reserve's influence," said Mark Kepner, equity trader at Themis Trading in Chatham, New Jersey.
The Fed is listening only to financial markets, Karen Shaw Petrou says, not a generation of Americans whose long-term savings potential has been ‘eviscerated’
Investors fears that Congress will fail to raise the U.S. borrowing limit before cash runs out are cropping up in short-term Treasury bills.
While U.S. many businesses are expressing increasing concern over the effects of tariffs on their imports and exports, the U.S. consumer doesn’t seem to be feeling the same pain yet
The Nasdaq composite has rallied nearly 13% from its June 3 low, underscoring the power of the current rally since a key follow-through day on June 7.
Fed Chairman Jerome Powell was clear in testimony this week that he plans on cutting interest rates at the end of the month. So why are Fed watchers so confused?
Shares of Johnson & Johnson fell 4.3% in Friday afternoon trade after Bloomberg reported that the U.S. Justice Department is pursuing a criminal investigation into whether the company lied about the possible cancer risks of its talcum powder. A grand jury in Washington is examining documents related to what J&J officials knew about carcinogens in their products, according to the Bloomberg report. The health-products company is already facing thousands of lawsuits over the safety of its talc-containing baby powder and its alleged role in fueling the opioid crisis. In February, J&J disclosed it had received subpoenas from the Justice Department at the Securities and Exchange Commission seeking documents related to the safety of its baby powder and other talc-containing products. Shares of J&J have gained 3.9% so far this year, while the S&P 500 has gained 20%. The Dow Jones Industrial Average has gained 16.1%.
STOCKSTOWATCHTODAY BLOG More Gains. Stocks continue to rise in the wake of Fed Chairman Jerome Powell’s Congressional testimony. Investors now see a rate cut at the end of the month as all but locked in.
Dow Jones stocks led stock market late morning trade Friday as the blue chip index gained 130-plus points. Small caps in the S&P; 600 were trying to end a fifth session of underperformance.