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Equities - Weekly outlook: July 15 - 19
Investing.com - The Dow Jones industrial average and the S&P
500 index ended the session at record closing highs on Friday as
speculation over the timing of a possible reduction to the Federal
Reserve's easing program continued to dominate market sentiment.
The Dow Jones industrial average edged up 0.02% on Friday and ended the week 2.2% higher. The S&P 500 rose 0.31%, leaving it 3% higher for the week, the best weekly performance since January. The Nasdaq was up 0.64% on Friday to end the week 3.5% higher.
Market sentiment was boosted after Federal Reserve Chairman Ben Bernanke said Wednesday the U.S. economy still required monetary stimulus.
Bernanke said the Fed will continue to maintain accommodative monetary policy for the foreseeable future, citing low levels of inflation and the high unemployment rate.
In earnings news, shares in Wells Fargo, the fourth largest U.S. bank and the largest mortgage lender, were up 1.77% on Friday after reporting better-than-expected second quarter earnings.
Meanwhile, shares in J.P. Morgan Chase slipped 0.31% after its second quarter earnings report also beat forecasts.
Shares in United Parcel Service fell 5.83% on the S&P 500 on Friday, after it cut its earnings forecast for 2013.
Elsewhere, shares in Boeing were down 4.69% on the Dow following a fire on a Dreamliner operated by Ethiopian Airlines at London's Heathrow airport on Friday.
In Europe, the benchmark Stoxx Europe 600 inched down 0.1% on Friday. Britain's FTSE 100 edged up 0.02%, while Germany's DAX rose 0.66%.
In Asia, Japan's Nikkei eased up 0.23% on Friday. Elsewhere, Australia's S&P ASX 200 climbed 0.17% and the Hang Seng 40 was down 0.75%.
Gold futures were little changed close to three-week highs at the close on Friday, with gold futures for August delivery easing up 0.3% to settle the week at USD1,284.15 a troy ounce.
Oil prices ended Friday's session higher, with crude futures for delivery in August rallying 1.3% to USD105.95 a barrel.
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