Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average undefined closed above 25,000 on Friday logging its best week since early June.
- JPMorgan Chase & Co. (JPM) , 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 undefined 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 undefined rose 94 points, or 0.38%, to 25,019, the S&P 500 undefined rose 0.11% and the Nasdaq undefined 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) 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.
PNC Financial Services Group Inc. (PNC) 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.
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) $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) 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) 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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