Stock market news live updates: Stocks close higher after upbeat retail sales, strong Citi earnings

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Rajendra Choudhary
Rajendra Choudhary
Rajendra Choudhary is The Founder & CEO of Live Times Media Pvt. Since 2019 He Started his Digital Journey and Built a Victory in The Media and Education Industry with over 5 Websites and Blogs.

U.S. stocks rose on Friday, falling for a fourth straight day after breaking Wall Street. This sentiment was supported by better than expected retail sales data and surprising earnings for Citigroup(C).

The S&P 500 rose 1.9% and the Dow Jones Industrial Average rose 657 points, or about 2.2%. The tech-focused Nasdaq rose 1.8%.

Bloomberg data said Citi’s Q2 earnings were the industry’s best intraday gain since May, boosting shares of its banking peers. The bank giant said its revenue rose 11% to $19.64 billion in the period, just a day after surprising badly funded traders JPMorgan (JPM) and Morgan Stanley (MS). Citi shares were off 13%. Wells Fargo (WFC) and Bank of America (BAC) rose 6% and 7%, respectively.

“Our team has delivered strong results in a difficult macrogeopolitical environment and is in a strong position over an uncertain period given our liquidity, creditworthiness and reserve levels,” Citigroup CEO Jane Fraser said in the earnings report. what.”

Meanwhile, JPMorgan Chairman Jimmy Dimon said in an earnings call on Thursday that risks to the U.S. economy are “closer than ever” and warned of “unprecedented quantitative austerity.” Speculation among strategists that the Fed could raise rates by 1 percentage point later this month Negative results are expected one day after induction.

Federal Reserve Commissioner Christopher Waller said Thursday that he is willing to support growth by 100 basis points if future economic data shows strong consumer spending.

NEW YORK, NEW YORK – JULY 12: People make their way near to The New York Stock Exchange, on July 12, 2022 in New York. Wall Street is back to falling amid recession, the S&P 500 closed 1.2% lower while tech stocks pushed the Nasdaq down 2.3%. (Photo by John Smith/VIEWpress)

“What I’m talking about is the potential consequences of higher interest rates, quantitative austerity effects, from easy landing to faulty volatile markets to hard landing,” Dimon said in a phone Wall Street analyst Thursday.

Commerce Department data Friday showed that retail sales rose higher than expected in June, indicating continued strength among U.S. consumers despite decades of high inflation and fears of a recession. The largest measure of retail purchases rose 1% MoM in June, while May figures were revised to represent the first decline of the year, down 0.1% Economists surveyed by Bloomberg expected retail sales to rise 0.9% last month.

Elsewhere in the economic release, consumer confidence rose slightly to 51.1 in July, according to a recent University of Michigan survey. Estimates are around 50, according to Bloomberg consensus figures. In the closely watched report, expected inflation figures softened substantially, with longer-term inflation expectations easing to 2.8% from 3.1% at the end of June.

Pinterest (PNS) shares rose 16% after the Wall Street Journal reported that the Korean investment firm Yacht Management will acquire 9% of the social media platform and will have the largest shareholding of the company struggling with harmed users.

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