LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Nike, financials push Wall Street higher

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Jun 29, 2018
08:46 pm
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

U.S. stocks further extended gains on Friday, as Nike shares hit an all-time high after the world`s largest shoe maker posted a strong earnings report and as banking stocks surged on clearing the Federal Reserve`s stress test.

Nike`s shares surged as much as 13 percent after the company returned to growth in North America last quarter and gave an upbeat forecast for the year.

The S&P financial sector, which snapped a 13-day losing streak on Thursday, jumped 1.61 percent after U.S. lenders cleared the second part of the Federal Reserve`s annual stress tests.

Wells Fargo led the gains, surging 5.9 percent, while Citigroup gained 2.4 percent, Bank of America rose 1.4 percent and JPMorgan was up 1.5 percent.

The gains in Goldman Sachs and Morgan Stanley were lower as they cleared the test with conditions.

Also boosting financials was Commerce Department data that showed core personal consumption expenditures (PCE) in May hit the Federal Reserve`s 2-percent target for the first time in six years.

"Bank stocks really thrive in rising interest rate environment, we know that there are three or four rate hikes this year, and it`s starting to look like there will be a fourth one in December," David McKnight, president of David McKnight & Co said.

After a slight wobble on a report that President Donald Trump has said he wanted the United States to withdraw from the World Trade Organization, the markets regained their footing after Treasury Secretary Steven Mnuchin told Fox Business Network that the Axios report was wrong.

Friday`s gains add a silver lining to what has been a somewhat turbulent week as the United States and China have gone back and forth over trade and tariffs as well as Chinese investments in American technologies.

McKnight said that Trump does not want the trade war especially given the mid-term elections that are coming up and "people are recognizing that trade wars aren`t likely to happen, that`s calming the nerves of some of the investors".

At 10:58 a.m. EDT the Dow Jones Industrial Average was up 279.90 points, or 1.16 percent, at 24,495.95, the S&P 500 was up 25.72 points, or 0.95 percent, at 2,742.03 and the Nasdaq Composite was up 69.00 points, or 0.92 percent, at 7,572.69.

Seven of the 11 major S&P sectors were higher, with the energy index up 1.54 percent as U.S crude futures rose to their highest since November 2014, while the consumer discretionary sector also rose about 1 percent, boosted by Nike.

Constellation Brands fell 6.6 percent after the Corona beer maker reported a lower-than-expected quarterly profit and maintained its full-year earnings forecast that missed estimates.

KB Homes rose 7.1 percent after the homebuilder`s second-quarter results beat Wall Street estimates.

Advancing issues outnumbered decliners for a 2.98-to-1 ratio on the NYSE and for a 2.29-to-1 ratio on the Nasdaq.

The S&P index recorded seven new 52-week highs and one new low, while the Nasdaq recorded 36 new highs and 36 new lows.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Indian Army conduct basketball, wushu competitions for youth in Jammu and Kashmir's Budgam

EaseMyTrip IPO: Public issue opening on Monday! Listing gain, important dates, price band to other details; all that you must know before bid

Stocks in Focus on March 5: Heranba Industries, MTAR Technologies Fertilizer Stocks, MAX Healthcare to WIPRO; here are the 5 Newsmakers of the Day

Rakesh Jhunjhunwala picked Tata Motors for his portfolio during Covid Pandemic II Reasons Highlighted

Market Guru in talk with RJ Salil Acharya of Radio City: People can invest in infrastructure-related stocks like L&T and Adani ports

One of strongest earthquakes in history! Pacific quake sets off tsunami, threat lifts in New Zealand

Heranba Industries IPO Listing today: Retail Investors are expecting good returns

Path to NASA started way back watching Star Trek as a child, Indian-American Swati Mohan tells Biden By Lalit K Jha

Post office account holder? Important news on cash deposit, withdrawal - check new charges on savings, current and other accounts

Anil Singhvi’s Strategy March 5: Make or break levels at Nifty is 14,900-14,925 & Bank Nifty is 35,100-35,125

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved