“S&P 500 Rises on Strong Bank Earnings, Dow Extends Gains to Record Highs”
- Shams Ul Zoha
- July 19, 2023
- 3:02 pm
WHAT YOU SHOULD KNOW
- Bank of America reported stronger-than-expected quarterly profit, while Morgan Stanley and Bank of New York Mellon also surpassed market expectations in their second-quarter financial results.
- The Dow Jones gained 1.06% to reach its strongest level since April 2022, while the S&P 500 rose 0.71%. Majority of sectors closed on a positive note, with information technology and financials stocks recording significant gains, but utilities and real estate stocks closed lower.
- The Nasdaq 100 climbed 0.82%, with shares of Netflix and Tesla contributing to the gains. Additionally, major companies like Tesla, Goldman Sachs, and Netflix are scheduled to release their earnings.
On Tuesday, the S&P 500 index closed higher, driven by strong earnings reports from major banks. Bank of America, Morgan Stanley, and Bank of New York Mellon all surpassed market expectations with their quarterly profits. As a result, the Dow Jones index extended its gains for the seventh consecutive session, reaching its highest level since April 2022. On the same day, several major companies, including Tesla, Goldman Sachs, and Netflix, were scheduled to release their earnings reports.
The majority of sectors within the S&P 500 showed positive performance, with information technology and financials stocks recording significant gains. However, utilities and real estate stocks bucked the overall market trend and closed lower during Tuesday’s session. Meanwhile, the Nasdaq 100 index experienced a 0.82% gain, primarily driven by increases in shares of Netflix and Tesla.
The CBOE Volatility Index (VIX), also known as the VIX, dropped by 1.3% and closed at 13.30 on Tuesday. The VIX is a key measure of the equity market’s volatility expectation, relying on S&P 500 index call and put options. Lower VIX values indicate reduced market volatility, which generally aligns with periods of market confidence and stability.
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