S&P Nears an All-Time High on Earnings Season Optimism
On Tuesday stocks on Wall Street neared record highs on economic hopes and a strong start to the earnings season. Results from Alcoa (AA) yesterday pushed the major indices up through Tuesday. Financial stocks such as Goldman Sachs (GS) and Bank of America (BAC) traded higher while JP Morgan (JPM) fell ahead of its planned report on Friday.The US Labor Department reported job openings today that were little changed from one month prior. Oil futures finished the day off at a fourteen-month high and held above $103 a barrel. The International Monetary Fund reduced its forecast for this year's global economic growth.
Word on the Street
- The IMF trims its expectations for the global economy on Tuesday.
- Financials including Goldman Sachs (GS) trading higher on upbeat earnings.
- Yelp (YELP) jumps 5% after announcing the launch of a new feature.
- Oil prices see choppy trading as the US dollar strengthens.
- The S&P downgrades Italy's credit and says its economic prospects are weakening.
- Is Buffalo Wild Wings (BWLD) On Fire?
Published on Jul 9, 2013By InvestorGuide Staff