CNBC's Reagan Discusses What Led Bull Market

The seven-day market rally was led partially by strong financial earnings, CNBC's Courtney Reagan said today.
By Lindsay Rittenhouse ,

NEW YORK (TheStreet) -- The Dow JonesS&P 500 and NASDAQ all closed higher on Monday, pushing the U.S. market into a week of gains considered to be "record territory," CNBC's Bill Griffeth reported on "Closing Bell."

The Dow closed up by 0.09% to $16.50, the S&P ended trading higher by 0.24% to $5.15 and the NASDAQ closed up 0.52% to $26.20 today.

One factor contributing to this market rally is the recent strong financial earnings, according to CNBC's Courtney Reagan.

"I think it's been interesting what we've seen from the banks." Bank of America (BAC) - Get Report is now "the third big bank to put in better-than expected profits and I think that has put a little bit of support here under this bull rally," Reagan noted.

This morning, Bank of America reported 2016 second quarter earnings of 37 cents per share on revenue of $20.6 billion, higher than analysts' expectations of earnings of 33 cents per share on $20.41 in revenue.

Now, investors are "looking forward" to tech earnings which will be released after hours, Reagan stated.

In addition, "some of the deal news" such as SoftBank (SFBTF) making a $32.1 billion bid to acquire ARM Holdings (ARMH) likely contributed to the market rally, she commented.

Shares of Bank of America ended trading higher by 3.45% to $14.11 today.

Separately, TheStreet Ratings rated Bank of America as a "buy" with a score of B-.

This is driven by several positive factors, which can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins and notable return on equity. TheStreet Ratings feels its strengths outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: BAC

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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