S&P 500, Dow hit record highs as investors digest more earnings reports
- The S&P 500 and Dow Jones industrial average hit intraday records on Friday as investors digested more quarterly financial reports.
- Disney posted third-quarter earnings that beat Wall Street's expectations.
- The rest of August will likely be dominated by two themes: the COVID spread and less accommodative central banks, according to Bank of America.
The Dow Jones industrial average and S&P 500 hit new intraday records on Friday as investors digested more quarterly financial reports amid what's been a strong earnings season overall.
Both indexes are on track for their second straight week of gains amid signs of easing inflation and continued corporate profit growth.
Disney posted third-quarter earnings that beat Wall Street's expectations on Friday. The entertainment juggernaut saw robust sales and profit as its theme parks reopened in the US and lockdown restrictions elsewhere kept consumers attached to at-home streaming. Disney shares were up as much as 5%.
Here's where US indexes stood shortly after the 9:30 a.m. open on Friday:
- S&P 500: 4,466.81, up 0.1%
- Dow Jones Industrial Average: 35,578.86, up 0.2% (71 points)
- Nasdaq Composite: 14,823.46, up 0.1%
The rest of August will likely be dominated by two themes: the COVID spread and less accommodative central banks, according to Mark Cabana, head of US short rates strategy at Bank of America. The question, he added, is how far will each ultimately go.
Oil futures dipped after reports from the International Energy Agency and OPEC prompted worries over demand growth.
West Texas Intermediate crude was down as much as 1.4%, to $68.15 per barrel. Brent crude, oil's international benchmark, fell 1.2%, to $70.44 per barrel, at intraday lows.
Gold rose as much as 0.7%, to $1,765.81 per ounce.