Published: Sat, July 15, 2017
Economy | By Annette Adams

Dow hits another record as stocks close higher

Dow hits another record as stocks close higher

Quarterly earnings kick off on Friday with big US banks including JPMorgan Chase, Wells Fargo and Citigroup reporting results. Goldman Sachs and Apple contributed the most to the Dow's gain.

The U.S. economy grew at a "slight to moderate" pace over the last several weeks across all regions of the country, with wage pressures reported for both low- and high-skilled jobs, the Federal Reserve reported on Wednesday in its latest compendium of regional economic activity. People are waiting to hear from CEOs to see if they're optimistic for the rest of the year.

Nasdaq 100 e-minis were up 11.25 points, or 0.19 percent, on volume of 29,954 contracts.

Delta Air Lines fell 1.8 percent after reporting a 20.8 percent drop in second quarter earnings to $1.2 billion.

Companies in the S&P 500 are expected to report an increase of six percent in operating earnings per share compared with the year-ago period, according to CFRA Research.

The Dow Jones Industrial Average ended up 125 points, or 0.6%, to 21,534, a new closing record.

The broad-based S&P 500 advanced 0.2 percent to close at 2,447.83, while the tech-rich Nasdaq Composite Index climbed 0.2 percent to 6,274.44.

The Standard & Poor's 500 index rose 3 points, or 0.2 percent, to 2,446. The news boosted other retailers, with Wal-Mart and Costco rising about 1.3 percent.

Data showed US producer prices unexpectedly rose in June.

Chances of a rate hike in December fell to 47 percent after the release of data points, from 55 percent at Thursday's close. That was the Dow's first record high since June 19.

Advancing issues outnumbered decliners on the NYSE by 1,767 to 792. In the 12 months through June the producer level inflation, or PPI, increased 2.0 percent, above the 1.9 percent rise expected.

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