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© Reuters.
Investing.com – Inventories advanced Friday led by Walt Disney and financial results while JPMorgan generated exceptional results.
The rebound reached 1.03%, while the gain of 0.66%. The gained 0.46%.
The S & P 500 ended the day at only 1.1% below its historic peak of 2,940.91, reached on September 21, 2018. The Dow is less than 2% of its peak of 2018 and the Nasdaq , 1.8% below its peak of 2018.
JPMorgan (NYSE 🙂 started the earnings season on a high note, beating the Investing.com consensus on both. Its share price rose by 4.6%.
Wells Fargo (NYSE 🙂 fell 2.6%, as its consensus gain was overshadowed by weak consumer credit activity. Investors also had to deal with more bad news. Acting Chief Executive Allen Parker lowered the bank's outlook on net interest income from -2% to 2%, putting it in a previous range of -2% to -5%, citing a lower absolute rates, a flattened curve and tighter spreads.
PNC Financial Services (NYSE :), for its part, made a profit online and beat its turnover, pushing up its share of more than 3%.
Many fearing that first-quarter profits will be among the most difficult in years, generally optimistic results seemed to cast some doubt.
Beyond earnings, Disney (NYSE 🙂 also fueled the broader market rally, up 11.5% after the company provided details Thursday night on its new streaming service, Disney + . Disney also hit an all-time high of $ 130.90 in 52 weeks and the stock contributed 91 points to the 269-point gain in the Dow Jones index.
The service is not expected to generate profits for at least five years and will cost $ 7.99 per month / $ 69.99 a year, with two-thirds of service sales expected to come from foreign markets, according to Disney.
This subscription price is well below that of its competitor Netflix (NASDAQ :), which collapsed under the shadow of Disney, down nearly 4.5% that day.
The gains in the sticky materials industry were not visible in all markets, as energy stocks were delayed by the increase, rising only 0.18% as the price of US oil ceded some gains following the increase in the number of rigs.
Among the strengths of energy, Anadarko Petroleum (NYSE 🙂 rose 32% after Chevron (NYSE 🙂 agreed to buy the company for $ 33 billion. Chevron dropped 4.9%.
Health sector stocks ended the day down nearly 1%, while lingering uncertainty about the fate of the Affordable Care Act and legislators' fears of measures to reduce drug prices continue to dampen the sector.
Economically, lower than expected data had a moderate impact on inventories.
Main winners and losers of the S & P 500 today:
Anadarko Petroleum (NYSE :), Walt Disney (NYSE 🙂 and Pioneer natural resources (NYSE 🙂 were among the top winners of the S & P 500 for the session.
Anthem (NYSE :), National Oilwell Varco (NYSE 🙂 and UnitedHealth Group (NYSE :)) were among the worst in the S & P 500 session.
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