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Financials Lead Wall Street Gains Ahead of Earnings

July 13, 2017
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Wall Street recorded moderate gains and the Dow clocked in another record high close, with financials surging ahead of financial reports scheduled on Friday from several major U.S. lenders.

The financial index outperformed among the 11 major S&P sectors, finishing up 0.61 percent. Release of quarterly earnings begin on Friday, with three of the biggest U.S. banks JPMorgan Chase, Wells Fargo and Citigroup kicking off the season.

Analysts project that second-quarter earnings for S&P 500 firms gained 7.8 percent from a year prior, with financials projected to record the third-best profit gain among all sectors. This led to investors doubling their cash investment in a key financial sector fund in the last seven trading days.

The Dow Jones Industrial average 20.95 points, or 0.1 percent to end at 21,553.09. The S&P edged up 4.61 points, or 0.19 percent, finishing at 2,447.86 while the Nasdaq Composite index rose 13.72 points or 0.21 percent, ending at 6,274.44.

The material has been provided by InstaForex Company – www.instaforex.com

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