Here Are 3 Hot Things to Know About Stocks Right Now

  • The Dow Jones Industrial Average I:DJI   closed above 25,000 on Friday logging its best week since early June.
  • JPMorgan Chase & Co. (JPM) - Get Report , the biggest U.S. bank, fell 0.4% after posting second-quarter profit of $2.29 a share, 7 cents ahead of estimates.
  • The Nasdaq I:IXIC  ended modestly higher for a record close.

Wall Street Overview

Stocks closed slightly higher Friday, July 13, after big U.S. banks kicked off the corporate earnings season.

The Dow Jones Industrial Average I:DJI  rose 94 points, or 0.38%, to 25,019, the S&P 500 I:GSPC  rose 0.11% and the Nasdaq I:IXIC  rose 0.03%. All three indexes posted gains for the week with the Dow up 2.3%, the S&P 500 up 1.5% and the Nasdaq up 1.79%.

JPMorgan Chase & Co. (JPM) - Get Report earned $2.29 a share in the second quarter, 7 cents ahead of estimates. Second-quarter profit of $8.32 billion rose 18% from a year earlier as the largest U.S. bank benefited from the Trump administration's cuts in the corporate tax rate.

The stock fell 0.4% on Friday.

Citigroup Inc. (C) - Get Report earned $1.63 a share in the second quarter, beating estimates of $1.56. Profit at the bank was $4.49 billion, up 16% from a year earlier. Shares fell 2.2%.

Wells Fargo & Co. (WFC) - Get Report posted a quarterly profit of 98 cents a share. Analysts expected $1.12. Profit was $5.19 billion, down from $5.86 billion in the quarter a year earlier. Wells Fargo fell 0.9%.

PNC Financial Services Group Inc. (PNC) - Get Report  posted second-quarter earnings of $2.72 a share, beating estimates of $2.58. Shares rose 0.28%.

A host of blue-chip corporations will follow with earnings next week in a season that is expected to see S&P 500 profits rise by more than 20% from the same period last year.

Citigroup and JPMorgan Chase are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells C or JPM? Learn more now.

The Justice Department said it plans to appeal a federal judge's ruling in June that gave the go-ahead to AT&T Inc.'s (T) - Get Report $85.4 billion acquisition of Time Warner Inc.

In a one-sentence document released Thursday, July 12, the Justice Department said it was appealing U.S. District Judge Richard Leon's ruling, which rejected the government's argument that the deal was anti-competitive.

AT&T shares fell 1.9%.

Johnson & Johnson (JNJ) - Get Report on Thursday was ordered by a jury in Missouri to pay $4.69 billion in damages to 22 women who claimed the company's baby powder contained asbestos that caused their ovarian cancer.

The jury award in the case included $550 million in compensatory damages and $4.14 billion in punitive damages, according to a statement from the attorneys representing the plaintiffs.

Johnson & Johnson said it would appeal the verdict. J&J shares fell 1.6%.

A salmonella outbreak involving Honey Smacks cereal has grown, infecting 100 people in 33 states, according to the Centers for Disease Control and Prevention. Kellogg Co. (K) - Get Report last month voluntarily recalled some of its Honey Smacks cereal after the salmonella outbreak was first reported. Kellogg shares rose 0.65%. 

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