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Bob Carey
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  Stocks Ended July 15, 2016
Posted Under: Weekly Market Commentary
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The S&P 500 hit all-time highs this week on Monday, Tuesday, Wednesday and Thursday before falling slightly on Friday to close the week with a 1.5% return. This is the third consecutive week the S&P 500 has been positive. Since the fallout from the Brexit vote, which sent the S&P 500 down -5.3% between Friday June 24th and Monday June 27th, the index has rallied 8.2%. Britain is facing Brexit head on as the country has a new Prime Minister, Theresa May, two months before they expected to. According to Bloomberg, analysts have projected a 5.8% decline in S&P 500 earnings in the 2nd quarter. If earnings do in fact fall this quarter, it would mark the 5th straight quarterly drop for the index. The unofficial kick off to earrings season started Monday when Alcoa Inc. announced revenue and earnings ahead of analyst consensus estimates. Shares of the aluminum company rallied over 5% as a result. Transportation player CSX Corp. bested earnings and revenue estimates and rallied 4.4%. Then to close the week we had a slew of banks announce positive earnings which buoyed the Financial sector to be the second best performing sector for the week. JPMorgan Chase & Co announced profits and sales ahead of estimates as credit card write-offs and delinquencies came in better than expected. US Bancorp also announced earnings and revenue ahead of estimates as credit losses and their overall return on assets improved. Not all was positive, Wells Fargo & Co. and Citigroup Inc. both saw the price of their stocks fall slightly with earnings announcements. Wells stated that they saw a small but unexpected uptick in energy defaults and stated that the bank is deciding what to do with excess reserves. Citigroup announced a slight uptick in credit card delinquencies and reminded investors that Brexit is a headwind for the bank. Looking ahead to next week, earnings season will continue as over 92 S&P 500 companies are expected to release their quarterly results. Among those are: General Electric, General Motors, Southwest Airlines, The Travelers Cos Inc., Starbucks Corp., Chipotle Mexican Grill Inc., Visa Inc., AT&T Inc., QUALCOMM Inc., Intel Inc., Lockheed Martin Corp., The Goldman Sachs Group Inc. and Bank of America Corp.
Posted on Monday, July 18, 2016 @ 8:56 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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