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Dow Increases By Over 100 Points. Friday

Strong earnings results from some of the biggest banks and firms marked the beginning of the earnings season, lifting the Dow Jones Industrial Average on Friday.

The Nasdaq and S&P 500 have reached their best levels since April 2022, and Wall Street is coming off its fourth straight day of gains.

JPMorgan Chase increased more than 2% in the premarket following the release of earnings that exceeded expectations. Higher interest rates and increasing interest income helped the bank. In the premarket, Wells Fargo also gained more than 3% due to earnings that exceeded expectations.

Following the insurance juggernaut’s release of better-than-anticipated earnings and sales, UnitedHealth shares increased by 3%. The company increased the lower end of its earnings guidance for the entire year.

According to FactSet, analysts are projecting a roughly 7% year-over-year decline in S&P 500 earnings this season, which is a pessimistic outlook. The S&P 500’s profits decreased by 31.6% in the second quarter of 2020, making that the poorest earnings season since then.

The Bureau of Labour Statistics reported on Friday that import prices into the United States dropped 0.2% in June. Adding to earlier economic data from this week that came in colder than anticipated, this was the sixth month in 2023 that import prices have decreased.

Source (CNBC)

 

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