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Market week: Bank earnings, China trade lift markets
4/20/2019 6:52:15 AM
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By Fund Library News Wire  | Friday, April 12, 2019


 

By Mike Keerma

Spurred on by Chinese trade data, a new service from Walt Disney & Co. (NYSE: DIS), and positive quarterly earnings reports from two of America’s largest banks, JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC), investors bid the big North American stock indices to weekly gains, with the S&P 500 Composite Index edging towards its record high of 2,940.91, while gaining 0.5% on the week. The Nasdaq Composite Index also crept towards its 52-week high of 8,133.30, advancing 0.6% on the week. Toronto’s S&P/TSX Composite Index also made strides back towards its record high of 16,586.46 set last July, while also gaining 0.5% on the week as both financials and energy issues rallied.

Index

April 12, 2019, close

Day

Week

Year to date

S&P/TSX Composite

16,480.53

0.5%

0.51%

15.06%

S&P 500 Composite

2,907.41

0.7%

0.51%

15.98%

Nasdaq Composite

7,984.16

0.5%

0.57%

20.33%

Gold (US$)

$1,293.90

0.1%

-0.14%

1.11%

Oil (WTI) (US$)

$63.81

0.4%

0.84%

40.52%

A stalwart of the Dow Jones Industrial Average, JPMorgan Chase & Co., posted its best quarterly results since the second quarter of 2012, while Wells Fargo & Co. beat street estimates for revenue growth in its first quarter. In addition, another key component of the Dow Jones Industrial Average, Walt Disney & Co., contributed to rising sentiment with an announcement that it plans to launch a video streaming service in November, contributing to a 12% rally in its share price on Friday.

Trade data from China indicated an annual increase of 14.2% in exports, considerably exceeding street estimates for an 8.7% rise, suggesting a revival in external demand for Chinese goods, which acts as a stimulus for China’s economy.

Check Fund Library’s Market Activity page regularly for active updates on key market indexes and commodities.

@FundLibrary – Follow Fund Library on Twitter for daily information and updates.

Disclaimer

© 2019 by Fund Library. All rights reserved. Reproduction in whole or in part by any means without prior written permission is prohibited.

The foregoing is for general information purposes only and is the opinion of the writer. No guarantee of investment performance is made or implied. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.

 
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