The S&P 500 and the Dow closed at new all-time highs today. And they've also been up for seven straight days.
First, the scoreboard:
- Dow: 15,464.3, +3.3, +0.0 %
- S&P 500: 1,680.1, +5.1, +0.3%
- NASDAQ: 3,600.0, +21.7, +0.6%
And now, the top stories:
- The Dow Jones Industrial Average lagged the other major stock market indices because of Boeing. Shares of the commercial airplane maker tumbled after reports that one of their 787 Dremaliners caught fire in London.
- JP Morgan and Wells Fargo were the first of the big American banks to release their Q2 earnings results, and both reports beat expectations.
- In its earnings announcement, JP Morgan noted that consumer credit delinquency trends continue to improve. But they also warned about the recent rise in interest rates. "If primary mortgage rates remain at or above current levels, refinance volumes and margins will be under pressure and mortgage production profitability will be challenged"
- The University of Michigan's measure of consumer confidence unexpectedly fell, with the headline number slipping to 83.9 in July from 84.1 a month ago. Economists were looking for a reading of 84.7. The economic outlook sub-index tumbled to 73.8 from 77.8.
- Economist David Rosenberg recently upgraded his macro outlook. However, he is flagging the recent win streak in the stock market. "While I have become incrementally more positive on the outlook for the U.S. economy, there is still no shortage of financial risks that have to be addressed at this point," he said. "All the more so with the more than just a whiff of complacency seeping back into the markets, with the S&P 500 making it six up-days in a row and back to new all-time highs, with a discernible rotation out of safety and into the cyclicals."
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