US stocks close higher amid corporate earnings

Published: July 14, 2018 12:22:11 | Updated: July 16, 2018 15:59:59

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US stocks closed higher on Friday as investors digested a slew of quarterly corporate earnings reports.

The Dow Jones Industrial Average rose 94.52 points, or 0.38 per cent, to 25,019.41. The S&P 500 rose 3.02 points, or 0.11 percent, to 2,801.31.

The Nasdaq Composite Index rose 2.06 points, or 0.03 per cent, to 7,825.98, reports Xinhua.

Second quarter earnings are expected to increase 20.7 per cent from the same period last year.

Excluding the energy sector, the earnings growth estimate declines to 16.9 per cent, according to the latest statistics released by Thomson Reuters.

Some of the largest US banks reported mixed quarterly results on Friday before the opening bell.

JP Morgan Chase posted record second-quarter profit of 8.32 billion US dollars, an 18-per cent increase year-over-year.

Its trading revenue rose 13 percent to 5.4 billion dollars, exceeding analysts' expectations.

Citigroup reported a stronger-than-expected quarterly profit but its revenue missed analysts' estimate.

Wells Fargo reported lower revenue and profit for the second-quarter, falling short of expectations.

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