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Julie Young
Julie Young
Articles (1445) 

US Indexes Close Higher After Bank Earnings

S&P 500 up 1.34%

The Dow Jones Industrial Average closed at 26,642.59 on Tuesday with a gain of 556.79 points or 2.13%. The S&P 500 closed at 3,197.52 for a gain of 42.30 points or 1.34%. The Nasdaq Composite closed at 10,488.58 for a gain of 97.73 points or 0.94%. The VIX Volatility Index was lower at 29.54 for a loss of 2.65 points or -8.23%

Tuesday’s market movers

U.S. indexes closed higher Tuesday with the start of the second-quarter earnings, beginning with the big banks.

  • Citigroup (C): Revenue of $19.77 billion beat by $710 million. Second-quarter GAAP earnings of 50 cents per share beat by 10 cents. Stock was down 3.54%.
  • Wells Fargo (WFC): Revenue of $17.84 billion missed by $460 million. Second-quarter GAAP earnings loss of 66 cents per share missed by 56 cents. Stock down 4.23%.
  • JPMorgan (JPM): Revenue of $32.98 billion beat by $2.75 billion. Second-quarter GAAP earnings of $1.38 per share beat by 24 cents. Stock gained 1.25%.

Stocks rebounded from a Monday selloff, following new announcements of coronavirus closures in California and higher coronavirus infection rates.

Economic reports Tuesday affecting market trading included the following:

  • The NFIB Business Optimism Index improved to 100.6 in June from 94.4.
  • The Consumer Price Index increased 0.6% in June following a decrease of 0.1%. Year over year, the Consumer Price Index had an increase of 0.6%, up from 0.1%.
  • The Core Consumer Price Index, excluding food and energy, increased 0.2% in June following a decrease of 0.1%. Year over year, the Core Consumer Price Index had an increase of 1.2%, unchanged from the previous report.
  • The Treasury held auctions for 119-day bills at a rate of 0.145%, 42-day bills at a rate of 0.120% and 52-week bills at a rate of 0.155%.
  • The Fed’s Bullard said the U.S. could see a substantial decline in the unemployment rate over the next six months.

Across sectors, energy and materials led gains. In the S&P 100, the following stocks led gains:

Small-cap stocks

In small caps, the Russell 2000 closed at 1,428.26 for a gain of 24.69 points or 1.76%. The S&P 600 closed at 822.99 for a gain of 13.52 points or 1.67%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,992.46 for a gain of 170.45 points or 1.74%. The Dow Jones U.S. Small-Cap Value Index closed at 6,738.63 for a gain of 70.25 points or 1.05%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,782.64 for a gain of 28.24 points or 1.61%; the S&P 100 at 1,483.80 for a gain of 17.16 points or 1.17%; the Nasdaq 100 at 10,689.52 for a gain of 87.31 points or 0.82%; the Russell 3000 at 1,861.80 for a gain of 24.95 points or 1.36%; the Russell 1000 at 1,771.35 for a gain of 23.34 points or 1.34%; the Wilshire 5000 at 32,542.82 for a gain of 425.77 points or 1.33%; and the Dow Jones U.S. Select Dividend Index at 580.27 for a gain of 5.76 points or 1.00%.

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About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

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