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With the earnings season off to a good start, the Dow posted its longest rally in more than four years.
At the New York Stock Exchange (NYSE) on the 19th (US Eastern time), the Dow Jones 30 Industrial Average finished trading at 35,061.21, up 109.28 points (0.31%) from the battlefield.
The Standard & Poor’s (S&P) 500 index closed at 4565.72, up 10.74 points (0.24%) from the battlefield, and the Nasdaq index closed at 14,358.02, up 4.38 points (0.03%) from the battlefield.
The Dow rose for the 8th day in a row. It is the longest rally since September 2019.
Among the 15 sectors of the S&P 500, △Industry -0.05% △Raw Materials -0.52% △Technology -0.27% fell.
△Discretionary consumer goods 0.52% △Consumer staples 0.93% △Energy 0.52% △Finance 0.45% △Health care 0.49% △Real estate 1.12% △Communication service 0.23% △Utilities 1.02%.
The 2Q earnings season is going smoothly. According to FactSet, 78% of companies listed on the S&P 500 that reported earnings exceeded expectations. Expectations for a soft landing for the US economy are growing on the favorable performance of companies.
Goldman Sachs’ net profit fell short of expectations, but its operating profit exceeded expectations, and its share price rose about 1%. David Solomon, chief executive of Goldman Sachs, was optimistic about the recovery.
Shares of US Bancorp and JB Hunt soared 6.5% and 3.7%, respectively. Citizens Financial rose 6.39% and M&T Bank rose 2.48%. The KBW Regional Bank Index rose 2.9 percent to close at its highest level since March 10.
However, news that Apple is developing its own artificial intelligence (AI) language model to counter ChatGPT suppressed the rise of the Nasdaq index. Microsoft (MS) fell 1.23% and Google’s parent company Alphabet fell 1.40%.
Netflix, Tesla, IBM and United Airlines announced their earnings after the market closed. Tesla reported a decrease in margins in the second quarter compared to the previous quarter, but shares are rising. Netflix’s net profit exceeded expectations, but its share price plunged more than 4% after the market closed as sales fell short of expectations.
The stock price of Cabana, a used car company, soared 40% on news of better-than-expected earnings and a debt restructuring agreement with creditors.
Oil prices fell due to profit-taking despite a lack of crude oil supply in the US. Brent oil futures (nearby month) traded at $79.46 per barrel, down 17 cents, and West Texas Intermediate (WTI) futures (nearby) traded at $75.35, down 40 cents.
Reporter Information Juhye Yoon jujusun@ajunews.com
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