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Industrials, energy push S&P to 5-month high; banks weigh

Reuters 

By Amy Caren Daniel

(Reuters) - The benchmark 500 edged back to five-month highs on Friday as gains in industrials and companies more than offset a drop in financials after a mixed bag of quarterly reports from three big Wall Street banks.

Industrial stocks, among the worst hit during the trade disputes, gained in the absence of any trade rhetoric overnight. said the and could reopen trade talks if was willing to make significant changes.

The industrial sector gained 0.48 percent, with Boeing, and 3M all up around 1 percent.

rose by more than 1 percent, boosting the sector 0.7 percent, the most among the 11 sectors.

These gains helped the hit 2,804.53 points, its highest since Feb. 2. The index is now about 2.5 percent from its all-time high of 2,872.87, hit on Jan 26.

"is the area of notable strength because of higher oil prices, which makes sense as a lot of are very cheap and so they are performing best," said Patrick Kaser, at

"Clearly trade fears are weighing on the markets overall, but there is nothing particular this morning that's new in that regard."

As the trade dispute rumbles on, investors are looking ahead to what is expected to be a strong second-quarter earnings season. But results from three of the biggest Wall Street banks failed to live up to expectations.

slid 2.7 percent, the most among financials, after its revenue fell short of estimates due to lower debt underwriting. fell 1.9 percent after its profit fell more than expected as lending slowed and costs rose.

dipped 0.2 percent. The stock was higher premarket after the bank's profit beat estimates. The financial index fell 0.5 percent, the most among the 11 sectors.

At 11:50 a.m. EDT the was up 75.81 points, or 0.30 percent, at 25,000.70 and the was up 3.34 points, or 0.12 percent, at 2,801.63.

The Composite was up 9.70 points, or 0.12 percent, at 7,833.62. It hit a high of 7,843.525, a record high for the second session in a row.

Seven of the 11 S&P sectors were trading higher.

sank 3.6 percent after Deutsche warned the company could fall short of subscriber growth numbers when it reports results on Monday.

fell 1.2 percent after the and health departments said they were investigating cyclospora infections linked to salads at its restaurants.

dropped 1.2 percent, the most on the Dow, after a jury ordered it to pay a record $4.69 billion to 22 women who alleged its talc-based products contain asbestos and caused them to develop ovarian cancer.

AT&T Inc's shares fell 2 percent on the U.S. Justice Department's plan to appeal a federal judge's approval of the company's already closed $85.4 billion acquisition of

Advancing issues outnumbered decliners for a 1.44-to-1 ratio on the NYSE and a 1.05-to-1 ratio on the

The S&P index recorded 36 new 52-week highs and one new low, while the recorded 80 new highs and 26 new lows.

(Reporting by in Bengaluru; Editing by Shounak Dasgupta)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 13 2018. 21:53 IST
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