Market digest

Banks, oil shares lead US stocks higher

14 April, 2019 12:00 AM printer

NEW YORK: Wall Street stocks finished a middling week on a positive note on Friday, rallying behind solid earnings from JPMorgan Chase and Chevron’s acquisition of Anadarko.

The Dow Jones Industrial Average ended up 1.0 percent at 26,412.30, about 12 points shy of last Friday’s close, reports AFP.

The broad-based S&P 500 advanced 0.7 percent to 2,907.41, its first close above 2,900 in more than six months, while the tech-rich Nasdaq Composite Index climbed 0.5 percent to 7,984.16.

JPMorgan got earnings season off to a strong start, jumping 4.7 percent following better-than-expected results and offering upbeat commentary on the US economy.

Most other large banks rallied, but Wells Fargo sank 2.6 percent after trimming a key profit benchmark connected to 2019 profits.

Dow member Disney rocketed up 11.5 percent after announcing it would launch its new video streaming service in the United States in November, spotlighting its blockbuster-making studios as it takes on powerhouse Netflix.