“The major US stock indexes were set up for and marked their 4th wkly gainer in 5 on a boost from very positive earnings reports”— Paul Ebeling
The DJIA rose 238.2 pts, or 0.68%, at 35,061.55, the S&P 500 gained 44.31 pts, or 1.01%, at 4,411.79 and the NAS Comp added 152.39 points, or 1.04%, at 14,836.99. The Russell 2000 increased 0.5%
Of the 11 major sectors in the S&P 500, all but energy closed in the Green, with communications services enjoying the largest gain, rising 2.7%.
Q-2 earnings reporting season is in full swing, with 120 of the companies in the S&P 500 having reported. Of those, 88% have beaten consensus, according to Refinitiv.
- S&P 500 +17.5% YTD
- NAS Comp +15.1% YTD
- DJIA +14.6% YTD
- Russell 2000 +11.9% YTD
Reviewing Friday’s economic data:
- Preliminary July IHS Markit Manufacturing PMI increased to 63.1 from 62.1 in the final reading from June. The preliminary July IHS Markit Services PMI decreased to 59.8 from 64.6 in the final reading from June.
Looking Ahead: Investors will receive New Home Sales for June Monday. and,
Market participants now look toward next wk with the Fed’s 2-day monetary policy meeting and a series of high-profile earnings.
The Fed’s statement will be parsed for clues regarding the frame for tightening its dovish policies, although Chairman Powell has repeatedly said the economy still needs the Fed’s full support.
Have a healthy weekend, Keep the Faith!