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S&P hits 5-month high as industrials, energy boost; banks weigh

Reuters 

By Amy Caren Daniel

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

The industrial sector gained 0.55 percent, with Boeing, and 3M all up around 1 percent, in the absence of any trade rhetoric overnight.

said the and could reopen trade talks if was willing to make significant changes.

rose over 1 percent as strike actions in and hit supplies, boosting the sector 0.89 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.

"There seems to be an increasing awareness that if trade tariffs escalate further that the companies should be able to work around it" said Stephen Lee, founding principal at

"Companies have more of a flexibility now than they have had in the past, and part of that being regulatory and tax changes that happened earlier in the year."

As the trade row continues, investors are looking ahead to what is expected to be a strong second-quarter earning season, though reports on Friday from three of the biggest U.S. banks failed to enthuse.

slid 2.3 percent, the most among financials, after its revenue fell short of estimates due to lower debt underwriting. fell 1.2 percent after its profit fell more than expected as lending slowed and costs rose.

shares were little changed. The stock was higher premarket after the bank's profit beat estimates. The financial index fell 0.39 percent.

At 12:42 a.m. ET the was up 89.63 points, or 0.36 percent, at 25,014.52, the was up 3.95 points, or 0.14 percent, at 2,802.24 and the Composite was up 7.27 points, or 0.09 percent, at 7,831.18.

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

sank 3.2 percent after Deutsche warned the company could fall short of subscriber growth numbers when it reports results on Monday.

fell 0.9 percent after the and health departments said they were investigating cyclospora infections linked to salads at its restaurants.

dropped 1.4 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 1.19-to-1 ratio on the NYSE and a 1.10-to-1 ratio on the

The S&P index recorded 36 new 52-week highs and one new low, while the recorded 84 new highs and 32 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. 22:37 IST
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