The major averages closed mixed on Friday with the Dow Jones closing higher thanks to components like the big banks and healthcare stocks. The S&P 500 closed down 4 points while the Nasdaq dropped 24 points. The Dow Jones Industrial Average rose 113 points thanks to JP Morgan Chase and UnitedHealth Group.
JPMorgan Chase rose nearly 1% after posting better-than-expected earnings. The bank was boosted by higher interest rates and rising interest income. Wells Fargo also produced better-than-expected earnings but closed lower.
Another Dow component, UnitedHealth jumped 7% after the insurance giant reported better-than-expected earnings and revenue. The company also raised the lower end of its full-year earnings guidance.
Wall Street is coming off its fourth consecutive day of gains, with the Nasdaq and S&P 500 reaching their highest levels since April 2022.
The latest producer price index report showed inflation rose less than anticipated and built on trader optimism from the June consumer price index data, which came out Wednesday. Investors are now considering whether a strong economy illustrated by the recent data could push stocks higher by the end of the year.
On a weekly basis, the Dow notched its best performance since March, up 2.3%. The S&P 500 added 2.4%, and the Nasdaq gained 3.3%.
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