US Stocks Hold Gains From Bank Stocks Rally
US stocks held on to solid gains closer to the midday on Friday, with the financial sector leading the rally after the Federal Reserve granted approval to major banks to return capital to shareholders.
In economic news, personal income, consumer spending and the PCE price index rose 0.4%, 0.2% and 0.2%, respectively, in May vs expectations for gains of 0.4%, 0.4% and 0.2% prior increases of 0.3%, 0.6% and 0.2%. The Chicago Purchasing Managers' Index rose 1.4 points to 64.1 in June after climbing a stronger-than-expected 5.1 points to 62.7 in May. The University of Michigan consumer sentiment survey rose 0.2 points to 98.2 in the final June print versus May's 98.0.
In Europe, equities edged higher after European Union leaders reached a compromise deal on migration, but gains were still kept in check by the ongoing global trade frictions.
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