|Day's Range||7,822.8267 - 7,863.7739|
|52 Week Range||6,177.1899 - 7,867.1499|
U.S. stocks rose Wednesday as the Federal Reserve chairman testified before Congress and investors parsed another wave of U.S. earnings reports. The S&P 500 edged up 0.2%, and the technology-heavy Nasdaq Composite shed 0.1%. Ryan Nauman, market strategist at Informa Financial Intelligence, said the strength in bank earnings bodes well for the sector, which has lagged behind this year despite rising interest rates.
NEW YORK (AP) — U.S. stocks are edging higher Wednesday as financial and industrial companies including railroads and airlines climb after a round of strong second-quarter reports. United Continental and Berkshire Hathaway are making their biggest gains in years. Household goods makers are returning a chunk of their recent gains and technology companies are lagging behind the rest of the market.
BAML (Bank of America Merrill Lynch) conducted a survey that polled 178 global investors with $663 billion in assets under management from July 6–12. According to the survey, fund managers are turning increasingly bearish on corporate and economic performance prospects.
U.S. stocks mostly hold ground in positive territory Wednesday afternoon after an anecdotal account of business conditions in the Federal Reserve’s districts paint a picture of a tightening labor market and one attentive to escalating trade spats between the U.S. and its global trade partners.
Jonathan Gray, the president of alternative investment manager Blackstone Group L.P. (BX) on Wednesday encouraged investors to look beyond the short-term volatility that has at times rattled markets amid heightened trade tensions between the U.S. and its major trading partners. Gray said Wall Street investors should instead focus on the economy's strength. "Waiting for an all-clear [on the trade issue] is a mistake," he said at CNBC's Delivering Alpha conference.
The U.S. dollar hit a three-week high on Wednesday against a basket of major currencies in the wake of an upbeat view of the economy by the U.S. Federal Reserve, while oil prices resumed a recent pullback and gold slumped to a year low. A gauge of global stock markets hovered at a month high while Wall Street traded near a five-month high as investors digested another significant day of corporate earnings. Demand increased after upbeat comments from Federal Reserve Chairman Jerome Powell about the U.S. economy in congressional testimony on Tuesday, a message he reiterated on Wednesday before a U.S. House panel.
The Dow Jones Industrial Average late-morning Wednesday was trading near its highest level of the session, with its gains powered by UnitedHealth Group Inc. (UNH) and Boeing Co. (BA) Shares of the UnitedHealth and Boeing were contributing a combined 54 points to the price-weighted Dow (DJIA) The benchmark most recently was up about 40 points, or 0.2%, at 25,159, trading near session highs. UnitedHealth's shares were up about $4.19, or 1.7%, while those for industrial giant Boeing were climbing by $3.88 or more than 1%. A $1 move in any one of the Dow's components translates to a roughly 6.8-point swing in the equity gauge.
J.P. Morgan Asset Management chief executive Mary Callahan Erdoes warned that investors may be growing too complacent in managing high-growth portfolio and could be unprepared for a downturn.
President Trump is attacking critics, and defending his meeting with Vladimir Putin, as he tries to clarify his position on Russia’s meddling in the 2016 election. Yahoo Finance’s Alexis Christoforous, Dion Rabouin and Peter Kenny of Strategic Board Solutions discuss.