The Dow industrials ended at a record high on Friday and major indexes closed a third consecutive week of gains as upbeat economic data and the start of earnings season gave investors confidence the current rally has legs.
Consumer stocks led declines on the S&P 500 while the financial sector posted a less than 0.2 per cent drop, even as Wells Fargo, whose profits fell in the second quarter, fell 2.5 per cent to US$47.71 to rank as the largest weight on the S&P.
But expectations for S&P earnings ticked up to a 4.7 per cent decline from a view of a 5-per cent drop earlier in the week, cementing hopes that an earnings contraction bottomed in the first quarter.
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Consumer stocks led declines on the S&P 500 while the financial sector posted a less than 0.2 per cent drop, even as Wells Fargo, whose profits fell in the second quarter, fell 2.5 per cent to US$47.71 to rank as the largest weight on the S&P.
But expectations for S&P earnings ticked up to a 4.7 per cent decline from a view of a 5-per cent drop earlier in the week, cementing hopes that an earnings contraction bottomed in the first quarter.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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