US Stocks Rise Within 0.5% of Their Record, Even as Oil Prices Keep Climbing
BlackRock and other companies topped profit forecasts, while wholesale inflation slowed to 5.5%, easing Treasury yields and Fed rate-hike odds, traders said.
- U.S. stocks drifted higher Wednesday following strong profit reports from big companies, with wholesale inflation slowing to 5.5% from 6% in May.
- A separate report indicated consumer inflation also came in lower than economists expected last month, easing pressure on the Federal Reserve to raise rates.
- BlackRock led the market with a 5.9% share price increase after CEO Laurence Fink reported its iShares funds topped $6 trillion in assets under management during the quarter.
- Traders now see just a 10% chance the Federal Reserve will raise interest rates at its next meeting, down from nearly 42% probability on Monday.
- Concerns persist regarding the war with Iran, which saw oil prices briefly top $86 a barrel amid threats from Iran's Revolutionary Guard to block energy exports from the Strait of Hormuz.
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US stocks rise within 0.5% of their record, even as oil prices keep climbing
U.S. stocks ticked higher following strong profit reports from big companies. The S&P 500 added 0.4% Wednesday and pulled within 0.5% of its all-time high set last month. The Dow Jones Industrial Average rose 0.3%, and the Nasdaq composite climbed 0.6%. BlackRock helped lead the market after becoming the latest financial company to report a bigger profit for the latest quarter than analysts expected. Stocks got a lift from easing yields in the b…
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US stocks rise following strong profit reports, even as oil prices keep climbing
U.S. stocks drifted higher following strong profit reports from big companies. The S&P 500 added 0.4% Wednesday after flipping between modest gains and losses through the day. The Dow Jones Industrial Average rose 0.3%, and the Nasdaq composite climbed 0.6%.…
THE CLOSING BELL: US stocks rise following strong profit reports, even as oil prices keep climbing
By STAN CHOE AP Business Writer NEW YORK (AP) — U.S. stocks drifted higher following strong profit reports from big companies. The S&P 500 added 0.4% Wednesday after flipping between modest gains and losses through the day. The Dow Jones Industrial Average rose 0.3%, and the Nasdaq composite climbed 0.6%. BlackRock helped lead the market after becoming the latest financial company to report a bigger profit for the latest quarter than analysts ex…
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