US markets closed slightly higher

The US markets closed slightly higher as a positive start to earnings season was offset by a decline in the banking stocks.

In economic data, the producer price index and the core PPI for June increased more than expected. The June producer price index increased 1.8% while core PPI saw a 0.5% increase, which is the biggest jump since late 2008. Advance retail sales also increased more than expected but it was more due to rise in energy and auto sales.

Goldman Sachs also bettered analyst forecasts by reporting a 33% rise in quarterly earnings. Wall Street’s largest surviving investment bank reported revenue of 13.6 billion against an estimate of 10.6 billion. EPS was reported at 4.93 dollars per share.

Meanwhile in earnings, Intel reported a profit, excluding one-time items, of 18 cents a share in the second quarter, this is way ahead of analyst estimates. Its sales reached 8 billion dollars, compared with revenue of 9.47 billion last year. The Intel stock jumped nearly 7% in extended trading after the results.

At closing bell, the Dow Jones gained 27.81 points, or 0.3%, to 8,359.49. The S&P 500 index added 4.79 points, or 0.5%, to 905.84, while the Nasdaq Composite Index rose 6.52 points, or 0.4%, to 1,799.73.

No related posts.