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The S&P 500 posted on Friday its best closing level since early February as shares from some of the largest tech companies hit record highs.
The Dow Jones Industrials gained 94.52 points to finish Friday at 25,019.41, with United Technologies and Walgreens Boots Alliance outperforming. The Dow also closed above 25,000 for the first time since June 15.
The S&P 500 recovered 3.02 points to 2,801.31, as Facebook gained 0.2%,, Amazon acquired 0.9% and Microsoft climbed 1.2%. Friday also marked the first time since Feb. 1 the S&P 500 closed above 2,800.
The NASDAQ added 2.06 points on top of Thursday’s all-time high at 7,825.98
Stocks posted strong weekly gains, with the Dow, S&P 500 and NASDAQ all rising more than 1.5%. The major indexes rose as concerns over a trade war between the U.S. and China have eased.
Some of the major U.S. banks reported earnings Friday before the open. J.P. Morgan Chase posted better-than-expected earnings and sales, as its trading revenue rose 13% in the second quarter on a year-over-year basis.
Citigroup, meanwhile, posted a stronger-than-expected profit but its revenue for the quarter missed. J.P. Morgan Chase slipped 0.5% after rising as much as 0.9% while Citigroup dropped more than 2%.
Wells Fargo’s earnings and revenue both missed as its fake-account scandal is still taking a toll on the company. The bank also said a tax hit of $481 million also pressured the results. Shares of Wells Fargo fell 1.2%.
Just over 5% of S&P 500 companies have reported second-quarter results thus far. These companies have posted earnings growth of 16.4%. However, analysts expect second-quarter earnings to have grown by 20%.
Prices for the benchmark for the 10-year U.S. Treasury eased up, lowering yields to 2.83% from Thursday’s 2.85%. Treasury prices and yields move in opposite directions.
Oil prices gained 36 cents to $70.69 U.S. a barrel.
Gold prices slipped $4.90 to $1,241.70 U.S. an ounce.
