The Dow Jones Industrial Average closed up more than 600 points on Friday (July 15), boosted by strong earnings releases at listed companies, strong economic data. And investors eased concerns regarding the Federal Reserve (Fed) will raise interest rates more than expected.
The Dow Jones Industrial Average closed at 31,288.26, up 658.09, or +2.15%, the S&P500 closed at 3,863.16, up 72.78, or +1.92%, and the Nasdaq closed at 11,452.42, up 201.24, or +1.79%.
But in this week The Dow remained down 0.2%, the S&P500 was down 0.9% and the Nasdaq was down 1.6%.
All 11 stocks of the S&P 500 index closed in positive territory, with the financial sector jumping the most 3.5%.
Markets were driven by stronger-than-expected US economic releases. The US Department of Commerce said. Retail sales rose 1.0% in June month-over-month. That was higher than analysts expected a 0.8% increase following a 0.1% drop in May and year-on-year. Retail sales jumped 9.1% in June, the biggest gain since November. By 1981, the surge in retail sales was driven by a rebound in energy prices. and car sales Basic retail sales Sales, which exclude cars, oil, building materials and food, rose 0.8% following a 0.3% drop in May.
The University of Michigan revealed the results of the survey. The US Consumer Confidence Index rose to 51.1 in July, higher than analysts’ expectations of 50.0. Inflation will hit 5.2 percent over the next year, below the 5.3 percent surveyed last month. and is the lowest level since Feb.
The strong earnings revelations of listed companies also boosted the market, with 35 companies in the S&P500 reporting earnings and 80% of them reporting better-than-expected results.
Financial stocks rose to lead the market. After Citigroup revealed strong results.
The S&P500 Banking Index rose 5.8 percent, its biggest single-day percentage gain since January. 2020
Citigroup shares jumped 13.2 percent following revealing higher-than-expected earnings. Wells Fargo shares rose 6.2 percent despite showing lower profits.
Shares of United Health Group, a health care company, rose 5.4 percent following raising its full-year profit forecast for the second straight quarter.
blackrock stock It, the world’s largest asset management company, jumped 2.0% even following it revealed a bigger-than-expected drop in profits.
Markets also gained support from investors on concerns the Fed might raise interest rates as much as 1 percent this month following Fed officials made comments on Thursday and Friday that indicated that the US Federal Reserve might not raise interest rates. The Fed is likely to raise interest rates by 0.75% this month.
In the next week Investors will focus on the earnings releases of listed companies such as Goldman Sachs, Bank of America Corp, International Business Corp, Netflix. , Tesla and Twitter
