Stocks hit a 5-month high as earnings season rolls on
Stocks rose Wednesday, with the S&P 500 hitting a five-month peak, as strong earnings reports propelled financials and industrials higher. The dollar and Treasury yields climbed.
Here’s the scoreboard:
Dow Jones industrial average: 25,197.32 +77.43 (+0.31%)
S&P 500: 2,816.03 +6.48 (+0.23%)
- The US housing market tumbled in June. Housing starts fell to a nine-month low last month, the Commerce Department said, down more than 12% from May. Construction permits also saw a third month of decline. Analysts say rising supply costs and mortgage rates could be pressuring an existing housing shortage.
- President Donald Trump said he might aim for separate trade deals with Mexico and Canada. The suggestion casts further doubt on the future of the two-decades-old North American Free Trade Agreement, which Trump has threatened to scrap.
- US oil production hit 11 million barrels per day for the first time. Domestic stockpiles unexpectedly rose by 5.8 million barrels, compared with analyst expectations for a two to three million barrel drawdown. Weighing that against output disruptions in Libya and Venezuela, oil jumped more nearly 2%.
- Earnings season rolls on. Morgan Stanley beat analyst expectations on multiple fronts, with second-quarter earnings up 39% from a year ago.
And a look at the upcoming economic calendar:
- Retail sales numbers are out in the UK.
- The Philadelphia Federal Reserve releases its manufacturing index.
- Microsoft and Blackstone report earnings.
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