Stock Market Update
16-Jul-24 10:55 ET
Bank stocks continue recent outperformance
Dow +588.55
at 40800.27,
Nasdaq -9.01
at 18463.56,
S&P +21.86
at 5653.08
[BRIEFING.COM] The S&P 500 (+0.4%) and Nasdaq Composite (flat) continue to underperform relative to other indices.
Five of the S&P 500 sectors are higher by at least 1.0%. The financial sector is among them, showing a 1.1% gain amid ongoing earnings news from the space. Bank of America (BAC 44.19, +2.29, +5.5%) leads sector components followed by PNC (PNC 176.24, +7.22, +4.2%) and Morgan Stanley (MS 108.83, +3.57, +3.5%).
The aforementioned names all reported earnings results this morning and all reached new 52-week highs today. The SPDR S&P Bank ETF (KBE) sports a 3.2% gain.
