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Markets finished mostly higher on Wednesday, as robust earnings results gave a boost to industrial and financial stocks. Moreover, an upbeat picture of the U.S. economy coupled with high expectations of a strong second-quarter earnings season, reinstated investors’ confidence. This saw the S&P 500 hitting its highest level in more than five month, while the Dow posted a five-day winning streak. However, the Nasdaq closed marginally lower.
The Dow Jones Industrial Average (DJI) rose 0.3%, to close at 25,199.29. The S&P 500 advanced 0.2% to close at 2,815.62. The Nasdaq Composite Index ended the day at 7, 854.44, closing less than a point lower at 0.01%. A total of 6 billion shares were traded on Tuesday, lower than the last 20-session average of 6.48 billion shares. Advancers outnumbered decliners on the NYSE by a 1.21-to-1 ratio. On Nasdaq, a 1.18-to-1 ratio favored advancing issues.
How did the Benchmark Perform?
The Dow gained 79.40 points, registering a five-day long winning streak. This is also the Dow’s longest winning stretch since the eighth-day period ended May 14. The Dow got a boost from financial stocks like American Express Company (AXP - Free Report) , which rose 1.8%, on robust earnings results. Shares of United Health Products, Inc. (UEEC - Free Report) jumped 1.3%. American Express has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 added 6.07 points, with financials leading the rally. The Financial Select Sector SPDR (XLF) gained 1.6%, while the Industrial Select Sector SPDR (XLI) rose 1.3%. The tech heavy Nasdaq shed a meager 0.67 points, falling shy of reaching its second record high and the fourth of the month.
Financial, Industrial Stocks Help Markets
The earnings season is in full swing and major banks have started reporting their results. Financial stocks led the rally on Wednesday with the likes of American Express and Morgan Stanley (MS - Free Report) reporting strong second-quarter results. Shares of Morgan Stanley jumped 2.8%. Also shares of Citigroup (C - Free Report) and JPMorgan Chase & Co (JPM - Free Report) gained 0.7% and 0.9% respectively.
Industrial stocks too helped markets on Wednesday. United Continental Holding, Inc. (UAL - Free Report) and CSX Corporation (CSX - Free Report) to reported robust earnings. Shares of United Continental and CSX surged 8.8% and 7.1%, respectively.
Beige Book Reveals Expanding Economy
The Fed Reserve’s Beige Book revealed that the U.S. economy had expanded at a robust pace but will grow a lot slower, as rising raw materials costs and skilled labor shortages might slow the pace of expansion.
That said the anecdotal account of business conditions that covers 12 districts painted a rosy picture of the U.S. economy. According to the report, 11 of the 12 districts were expanding at a “modest” pace or faster, while one showed “slight” growth. Interestingly, Fed Chairman Jerome Powell on Tuesday too had testified in front of the House Financial Committee saying that he supports more rate hikes given the stronger U.S. economic growth and that he believes in gradually increasing the interest rate.
Housing Starts Fall to a Nine-Month Low
On Wednesday, the Commerce Department revealed that U.S. housing starts fell 12.3% in June to a nine-month low, as homebuilders struggled to cope with the rising price of lumber and continuing labor and land shortages. This is also the highest percentage decline since Nov, 2016. Moreover, the Mortgage Bankers Association said that mortgage applications also fell 2.5% last week.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%. And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
Image: Bigstock
Stock Market News For Jul 19, 2018
Markets finished mostly higher on Wednesday, as robust earnings results gave a boost to industrial and financial stocks. Moreover, an upbeat picture of the U.S. economy coupled with high expectations of a strong second-quarter earnings season, reinstated investors’ confidence. This saw the S&P 500 hitting its highest level in more than five month, while the Dow posted a five-day winning streak. However, the Nasdaq closed marginally lower.
The Dow Jones Industrial Average (DJI) rose 0.3%, to close at 25,199.29. The S&P 500 advanced 0.2% to close at 2,815.62. The Nasdaq Composite Index ended the day at 7, 854.44, closing less than a point lower at 0.01%. A total of 6 billion shares were traded on Tuesday, lower than the last 20-session average of 6.48 billion shares. Advancers outnumbered decliners on the NYSE by a 1.21-to-1 ratio. On Nasdaq, a 1.18-to-1 ratio favored advancing issues.
How did the Benchmark Perform?
The Dow gained 79.40 points, registering a five-day long winning streak. This is also the Dow’s longest winning stretch since the eighth-day period ended May 14. The Dow got a boost from financial stocks like American Express Company (AXP - Free Report) , which rose 1.8%, on robust earnings results. Shares of United Health Products, Inc. (UEEC - Free Report) jumped 1.3%. American Express has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 added 6.07 points, with financials leading the rally. The Financial Select Sector SPDR (XLF) gained 1.6%, while the Industrial Select Sector SPDR (XLI) rose 1.3%. The tech heavy Nasdaq shed a meager 0.67 points, falling shy of reaching its second record high and the fourth of the month.
Financial, Industrial Stocks Help Markets
The earnings season is in full swing and major banks have started reporting their results. Financial stocks led the rally on Wednesday with the likes of American Express and Morgan Stanley (MS - Free Report) reporting strong second-quarter results. Shares of Morgan Stanley jumped 2.8%. Also shares of Citigroup (C - Free Report) and JPMorgan Chase & Co (JPM - Free Report) gained 0.7% and 0.9% respectively.
Industrial stocks too helped markets on Wednesday. United Continental Holding, Inc. (UAL - Free Report) and CSX Corporation (CSX - Free Report) to reported robust earnings. Shares of United Continental and CSX surged 8.8% and 7.1%, respectively.
Beige Book Reveals Expanding Economy
The Fed Reserve’s Beige Book revealed that the U.S. economy had expanded at a robust pace but will grow a lot slower, as rising raw materials costs and skilled labor shortages might slow the pace of expansion.
That said the anecdotal account of business conditions that covers 12 districts painted a rosy picture of the U.S. economy. According to the report, 11 of the 12 districts were expanding at a “modest” pace or faster, while one showed “slight” growth. Interestingly, Fed Chairman Jerome Powell on Tuesday too had testified in front of the House Financial Committee saying that he supports more rate hikes given the stronger U.S. economic growth and that he believes in gradually increasing the interest rate.
Housing Starts Fall to a Nine-Month Low
On Wednesday, the Commerce Department revealed that U.S. housing starts fell 12.3% in June to a nine-month low, as homebuilders struggled to cope with the rising price of lumber and continuing labor and land shortages. This is also the highest percentage decline since Nov, 2016. Moreover, the Mortgage Bankers Association said that mortgage applications also fell 2.5% last week.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%. And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>