Published: Sat, July 15, 2017
Hi-Tech | By Ellis Neal

Dow, S&P 500 end at records after solid U.S. bank earnings

Dow, S&P 500 end at records after solid U.S. bank earnings

The Dow and S&P 500 closed at record high on Friday as investors digested a batch of economic data and quarterly earnings of major banks.

At the closing bell, the Dow Jones Industrial Average stood at 21,640.48, up 0.4 per cent and its third straight record.

The Nasdaq composite added 13.27 points, or 0.2 percent, to 6,274.44. Small caps posted a weak session, with Russell 2000 futures ending only slightly below the break-even line. Earnings per share were 1.82 dollars, or 1.71 dollars excluding a gain from a legal settlement, far higher than market estimates.

S&P 500 measures the performance of 500 widely held common stocks of large-cap US companies. The index's previous intraday record was 2,453.82, which was set June 19.

Today, Canaccord's Tony Dwyer raised his raised his 2017 forecast for the S&P 500 to 2510 from 2470, citing increased EPS assumptions (he expects the second quarter to be ahead of expectations), amid a "choppy but good" environment.

The Dow is up 138.75 points, or 0.7 percent.

Thursday's action left the Nasdaq composite ahead almost 2% for the week and tracking toward its best weekly finish since late May.

The Dow is up 223.40 points, or 1 percent.

The Nasdaq is up 891.32 points, or 16.6 percent.

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