Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Stock Market Today: Dow Rides Strong Economic Data, Surge in Citi Higher

Stock Markets Jul 15, 2022 04:19PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
US500
-0.20%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
-0.14%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
C
-1.28%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AMZN
-0.12%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
WFC
-0.53%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
UNH
+0.75%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Yasin Ebrahim

Investing.com -- The Dow racked up gains Friday, after stronger economic data cooled fears of a significant economic slowdown, while Citigroup's blowout quarterly results put bank stocks back in high demand. 

The Dow Jones Industrial Average rose 2.2%, or 658 points, the Nasdaq was up 1.8%, and the S&P 500 rose 1.9%. 

Financials led the broader market higher, boosted by rallying bank stocks after Citigroup (NYSE:C) reported better-than-expected quarterly results, sending its shares more than 13% higher.

The Wall Street bank was helped by blowout performance in its trading business that offset weakness in investment banking revenue and an announcement that stock buybacks would be suspended.

Wells Fargo (NYSE:WFC), meanwhile, surged 6% despite reporting quarterly results that fell short on both the top and bottom lines as the bank set aside more money to cover potential losses from bad loans.

Banks stocks were also helped by steepening in yield curves as data showing the consumer remains in good shape eased some concerns the economy was headed for a significant slowdown.

Retail sales rose 1.0% in June, the strongest pace in three months, and above expectations for a 0.8%.

Following the report, economists at Jefferies pointing to the fall in gas prices, signaled optimism for a further boost in consumer spending that could set up the economy “for much stronger GDP growth in Q3.”

UnitedHealth Group Incorporated (NYSE:UNH), a major Dow component, rose more than 5% after delivering stronger guidance as quarterly results topped estimates, driven by stronger performance in its Optum healthcare services business.

Technology continues its uptrend, led by gains in Amazon (NASDAQ:AMZN) and Meta Platforms (NASDAQ:META) with the latter up more than 4%.

Amazon was in the spotlight after it said 300 million items were sold during its annual Prime Day Sales event. “Prime Day results make us incrementally more confident in the strength of the consumer, their willingness to spend post pull forward in COVID demand, and as a result AMZN's forward topline growth," Morgan Stanley said.

Twitter Inc (NYSE:TWTR) gained more than 3% as its case against Musk for terminating his $44 billion deal to take over the company, allegedly without cause, is expected to get underway on July 19.

“There are a range of possibilities that can come from the Delaware court including settlement, breakup fee paid, deal enforced, and a myriad of other outcomes,” Wedbush said in a note.

Pinterest (NYSE:PINS) rallied more than 16% on reports activist investment firm Elliott Management reportedly took a 9% stake in the struggling social-media company, which has seen its shares slump about 50% year to date.

On the geopolitical front, meanwhile, Italian Prime Minister Mario Draghi reportedly isn't willing to reconsider his decision to quit, Bloomberg reported, citing unnamed sources. Italian President Sergio Mattarella on Thursday had urged the former European Central Bank president to return to parliament next week to see whether he can shore up support for his administration. 

The news comes ahead of a pivotal week for Europe, with many watching whether Russia will resume full gas supplies to Europe following maintenance work on the Nord Stream pipeline. The European Central is also expected to deliver its first rate hike later this week.  

Stock Market Today: Dow Rides Strong Economic Data, Surge in Citi Higher
 

Related Articles

Credit Suisse looks to sell Zurich's Savoy Hotel
Credit Suisse looks to sell Zurich's Savoy Hotel By Reuters - Oct 06, 2022

ZURICH (Reuters) - Beleaguered bank Credit Suisse is looking to sell its famed Savoy Hotel, located on Paradeplatz in the centre of Zurich's financial district, it said on...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (12)
Tim Kiernan
Tim Kiernan Jul 15, 2022 8:52PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hmmm...
TheEnd IsNigh
TheEnd IsNigh Jul 15, 2022 7:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
With all of the comment censoring garbage this website does, a part of me actually feels the owners of this site deserve to see the comments section destroyed by bots advertising scams. Just about every article now has at least one bot post.
kristi smith
kristi smith Jul 15, 2022 7:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
really it makes me ill
David Farrell
David Farrell Jul 15, 2022 7:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
just keep reporting the bots until it overloads their system
Juju Beast
Juju Beast Jul 15, 2022 7:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I just want you to know how much Ms Helen has not done a thing for me.
Brad Albright
Brad Albright Jul 15, 2022 7:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It is ridiculous. We cannot type the words abtortion, Hit l er, bl ood, or domin ation, but if you have a scheme to promote, this is the place.
Ricardo Diogo
Rcd72 Jul 15, 2022 7:05PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
retail sales is an absolute value, without the 0.8 % inflation contribute, it would be(is was in fact) a mediocre figure....your analysis is very poor, as mediocre as the retail sales....
Stan Smith
Stan Smith Jul 15, 2022 6:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Alice in Wonderland markets...thanks FED
Mamun bd
Mamun bd Jul 15, 2022 5:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
wowh
Mitchel Pioneer
Mitchel Pioneer Jul 15, 2022 5:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The most fraudulent, criminally manipulated investment mechanism in world history.  Once again, the US Ponzi Scheme sends the US working class into a weekend with a financial knife in their back.
Ryan Lennon
Ryan Lennon Jul 15, 2022 5:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
speak for yourself. learn how to play the market or just don't play...gripping endlessly (Everyday) solves nothing
Limin Tandiono
Limin Tandiono Jul 15, 2022 5:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hail Western Democracy
Brad Albright
Brad Albright Jul 15, 2022 5:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hail eastern authoritarianism.
Dave Jones
Dave Jones Jul 15, 2022 5:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
After reading this article I felt like it was written by a shill hack.
Sk Ram
Sk Ram Jul 15, 2022 5:11PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
after reading this article, i felt like inflation dropped down to 0 today... just a pump and the dump will follow soon. especially after the FED meeting
Rich Ash
Rich Ash Jul 15, 2022 5:11PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Just buy
Ricardo Diogo
Rcd72 Jul 15, 2022 5:11PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
this article is a brainless bull flag...retail sales is an absolute value, without the 0.8 % inflation contribute, it would be(is was in fact) a mediocre figure....your analysis is very poor, as mediocre as the retail sales....
Ricardo Diogo
Rcd72 Jul 15, 2022 5:11PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
retail sales is an absolute value, without the 0.8 % inflation contribute, it would be(is was in fact) a mediocre figure....your analysis is very poor, as mediocre as the retail sales....
Vito Tagliano
Vito Tagliano Jul 15, 2022 5:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Dead Cat Bounce! Because Banksters make money from Fed Rate hikes, of course Banksters going to show profit! GDP going slip again on July 28 by 1 or 1.5, Amazon sold Ali Baba Trash same garbage from previous Prime Days… nothing new. There’s No Petro or Economy at this moment= Deas Car Bounce!
Buy And Sell
Buy And Sell Jul 15, 2022 4:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Warning: We are closer and closer to a Wall street wash out, in the stock market. A total collapse is coming, probably in the authumn this year. It will be a collapse in the stock market, to talk about for centuries...
michael caro
michael caro Jul 15, 2022 4:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
sure it will. and we will probably have a serious collapse in real estate market too. in europe, it smell the *****
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email