US stocks opened higher on Friday and eyed what may be the first week since 1998 that the S&P 500 index marked a week of record high closes.
Better-than-expected second quarter earnings from Citigroup (NYSE:C) cemented Thursday’s euphoria when JP Morgan Chase (NYSE:JPM) printed forecast-beating Q2 earnings and gave the nod to improved conditions for the US banking sector in spite of pressures such as low interest rates and heavy post-crisis regulation.
It also gave Wall Street shares a distraction from the British Brexit vote to quit the European Union last month, and deflected attention on safer haven assets such as US government bonds in the wake of a terror attack which killed 84 people on the promenade in Nice, France overnight.
The market also benefited from forecast-beating US June retail sales and June industrial output data.
Market bellwether S&P 500 index opened at 2,165 and already hit a record intraday high of 2,169.05. It was last seen up 0.08% at 2,165.
Meanwhile, the S&P Midcap 400, which mustered a record high intraday of 1,551 and closed at a record high of 1544, gained 0.2% to 1,547, but was so far unable to register an early record high level. The ticker was led by Packaging Corporation of America (NYSE:PKG), up 3.37% to $74.25.
The S&P Smallcap 600 was up 0.5% at 743. It too was unable to match the 744.46 intraday record high hit on Thursday so far. The ticker was led higher by Universal Technical Institute Inc (NYSE:UTI), up 3.7% to $2.53. The company’s only news was Thursday’s announcement that Goldberg Law PC is investigating claims against Universal Technical concerning possible violations of Delaware law.
Buttressing the gains on Wall Street, oil prices were higher. The WTI was up 0.8% to $46.04.
Pre-open
Wall Street shares are set to stand pat with little movement up or down after shares posted record highs again yesterday.
US stocks surged on Thursday as markets digest the prospect of global monetary easing, while bank JP Morgan (NYSE:JPM) beat second-quarter earnings forecasts.
Also in focus was the UK's central bank keeping interest rates at 0.5% although it did signal a rate cut in August.
This would be to promote stimulus amid economic fears post the Brexit vote.
The Dow Jones finished 0.735 higher, or 134 points at 18,506, while the S&P500 added 0.53%, or 11, at 2,163 and the Nasdaq added 0.57%, or 28 points, at 5,034.
In US futures today, the Dow is down two points; the S&P 500 lost one point, while the Nasdaq futures shed 0.25.
It comes as the mood turns more negative after a horrific terror attack in Nice last night, leaving at least 84 dead.
A truck was driven along the seafront mowing down people celebrating Bastille Day. France has extended its State of Emergency, on since the November atrocity in Paris, for a further three months.
France’s CAC40 is down 0.43% to 4,366, while the German DAX is down 0.26%.
In global macro economics, China's National Bureau of Statistics reported that the world's second largest economy grew 6.7% in the second quarter compared with the same period last year.
It was a fraction better than the 6.6% forecast in one survey of survey of economists.
Corporate earnings in the US will come from banks Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) before the opening bell.