After several bullish days of new record highs for the Dow and S&P 500, markets retreated somewhat today to catch their collective breaths with earnings reports filtering out. Wells Fargo reported results as expected, but Citigroup reported results that beat analysts’ expectations. Yesterday, JPMorgan Chase beat estimates and BlackRock posted results as expected.
Chad Morganlander, portfolio manager at Stifel Nicolaus said-
“Investors are not being blindsided by the earnings numbers from the big banks; that’s critical to keep volatility low and as low keep market sentiment stabilized. Financials have been reporting resilient earnings, which bodes well for the overall market.”
More on banks earnings reports from CNBC below.
“It’s probably just a pause. We’re starting to get decent economic data and now it’s time for earnings to back that up.”
Here are the final numbers from Friday, July 15th on Wall Street:
Dow Jones Industrial Average: 18,516.55 (+10.14 / +0.05%)
NASDAQ: 5,029.59 (-4.47 / -0.09%)
S&P 500: 2,161.74 (-2.01/ -0.09%)