Dow, S&P 500 close at record high amid data, earnings

Marco Green
July 15, 2017

Delta Air Lines fell 1.8 percent after reporting a 20.8 percent drop in second quarter earnings to $1.2 billion.

S&P 500 e-minis were up 2.75 points, or 0.11 percent, with 121,088 contracts traded.

Weaker-than-expected earnings and a downgrade by JP Morgan caused CyberArk Software Ltd.to tumble 16 percent.

Investor cheered Yellen's view of gradual increase in rates on Wednesday, with world shares hitting their fourth all-time high in less than a month on Thursday. On the Nasdaq, 1,192 issues rose and 1,123 fell.

Australia's financial index rose almost 1 percent though US counterparts, which tend to benefit from higher rates, were last among sectors, closing up 0.1 percent.

The tech sector (+0.3%) cruised to its fifth straight advance, as Apple shrugged off yesterday's underperformance to gain 1.4%. NetApp rose $1.21, or 3 percent, to $41.38. Prices consolidated at $45.99 a barrel, having gained 1.1%. The deal, announced in June, marks the biggest acquisition ever for the world's largest online retailer.

Gap notched the biggest gain among S&P 500 companies.

The Dow Jones industrial average climbed 22 points, or 0.1 percent, to 21,552. Target jumped 4.8 percent after raising its second-quarter forecasts, citing higher sales and customer traffic.

Chances of a rate hike in December fell to 47 percent after the release of data points, from 55 percent at Thursday's close.

Analysts estimate second-quarter earnings for the S&P 500 companies rose 7.8 percent from a year earlier, with financials projected to have had the third-best profit growth among sectors, according to Thomson Reuters I/B/E/S.

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013.

Oil prices continued higher, with U.S. futures climbing $46.00 a barrel in intraday trade.

Gold fell $1.80 to $1,217.30 an ounce. Copper lost 2 cents to $2.66 a pound.

Other reports by Click Lancashire

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