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U.S. Shares rise Friday morning as banks gather after
Federal Reserve
approved their plans to increase their dividends and redeem more stock.
Wells Fargo
leaps after announcing the purchase of $ 24.5 billion in shares. Nike is up after posting solid results in the last quarter, including improved sales in North America. Inventories are down this week, but are on track to finish the second quarter with weak gains.
KEEPING SCORE: The
S & P 500
The index climbed 18 points, or 0.7%, to 2734 at 10 o'clock in the morning. The Dow Jones Industrial Average gained 218 points, or 0.9%, at 24,434 points. The
Nasdaq
composite rose 53 points, or 0.7 percent, to 7557. The Russell 2000 stock index of small companies gained 7 points, or 0.5%, to reach 1,652. [19659002 Throughout this quarter, stocks were shaken by growing concerns over trade disputes between the United States and China.
European Union
Canada and Mexico. As a result, stocks did not make big gains after a very good round of corporate reports in the first quarter. The S & P 500 is up 3.6% since the beginning of April after a slight decline in the first quarter and a 1.5% rise in Dow's industrial stocks. However, the Nasdaq has climbed 7% and the Russell 8%, and both have recently peaked, investors believing that technology companies and small businesses in the United States were safe choices during trade tensions.
BANK ON IT: The Federal Reserve has allowed 32 of the 35 largest US banks to increase their quarterly dividends and buy more shares. The central bank determined that the institutions were in pretty good financial shape to cope with a major downturn in the economy.
Wells Fargo climbed 5.2% to $ 56.40 and Citigroup added 1.89% to $ 68.14. Banks that were not allowed to increase their dividends and buybacks were lagging behind. Goldman Sachs remained unchanged at $ 223.43 and Morgan Stanley rose 0.3% to $ 48.45.
JUST FACT: Nike is on track to make its biggest gain in more than four years after the fourth quarter. The company said its revenue in North America has increased after several quarters of decline, and the company said it will buy back $ 15 billion in stock over the next four years. It gained 11.6% to $ 80.03
ENERGY: Energy companies and oil prices continued to climb. The benchmark US crude gained 0.9% to $ 74.09 per barrel in New York. It is up 14% in the second quarter and is trading at its highest price since late 2014. The S & P 500 Energy Companies Index also grew 14% this quarter, far better than the rest of the market.
Brent crude, used for The price of international oils rose 1.6% to 78.88 dollars a barrel in London
BONDS: Bond prices fell slightly. The yield on the 10-year Treasury bill rose from 2.84% to 2.85%
CURRENCIES: The dollar rose from 110.64 yen to 110.76 yen. OVERSEAS: France's CAC 40 gained 1.4% and German DAX rose 1.5% after migration deal eases pressure on Chancellor's coalition government
Angela Merkel
. Britain's FTSE 100 added 0.7%.
Nikkei 225, the benchmark for Japan, rose 0.2%. The South Korean Kospi rose 0.5% and the Hong Kong Hang Seng 1.6%
___
Marley Jay, AP Markets writer, can be reached on http: //twitter.com/MarleyJayAP His work is available at https: // apnews.com/search/marley%20jay
Copyright 2018 The Associated Press. All rights reserved. This document may not be published, distributed, rewritten or redistributed.
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