On Wall Street, Indices Quietly Beat Records

On Wall Street, Indices Quietly Beat Records

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The New York Stock Exchange finished slightly higher Monday and beat the passage of new records, preparing quietly to get into the quarterly earnings season of companies. The Wall Street index, the Dow Jones Industrial Average, gained 0.10% to finish at 27,358.82 points. The Nasdaq, with strong technological coloration, took 0.17% to 8,258.19 points. The broad S & P 500 index advanced 0.02% to 3,014.30 points.

The corporate earnings season began with little conviction with the US bank Citigroup, which announced a profit above expectations but a slight contraction in its interest margin. Boeing recorded one of the biggest declines in the Dow, with a decline of 1%, in response to report from the Wall Street Journal: the title says that the 737 MAX may not revolve until 2020.

Second quarter earnings release begin in an exciting mood on Wall Street this week. According to data from IBES Refinitiv, the profits of the companies making up the S & P 500 are expected to fall by 0.4% on average, which will be the first quarterly drop for three years.

“Low earnings expectations set up the possibility that announcements may surprise on the upside and provide a bounce in the stock market,” Bruce Bittles, chief investment strategist at Baird, said in a note. “However, investors will be weighing the good economic news and low interest rates against the earnings announcements, global slowdown and trade tensions.”

Chinese growth slowed in the second quarter to 6.2% year-on-year, the lowest in 27 years, after 6.4% year-on-year for the period from January to March. Growth in industrial production, however, beat the market consensus, up 6.3% year on year, while expectations were + 5.2%, after + 5% in May.

These data are published at a time of increased trade tensions with the United States. US President Donald Trump has not failed to welcome the economic slowdown in China, saying it would result in more favorable trading conditions.

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I cover technology, utilities and biotechnology for Markets Morning, and I help out occasionally with other industry sectors. I've written about investment and personal finance topics for more than 20 years from a lowly copywriter to editor-in-chief, so I've done a little bit of everything. For what it's worth, I have a BA from Duke University and an MBA from Rollins College. I'm married with one daughter, and that's worth more than everything else put together.

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