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Nike, Financials push Wall Street higher



(Reuters) – US equities continued to rise on Friday as Nike stock hit an all-time high after the world's largest footwear company made a strong earnings report and bank values ​​rose to streamline the Federal Reserve's stress test.

FILE PHOTO: Traders work on the New York Stock Exchange (NYSE) floor in New York, USA, June 28, 201
8. REUTERS / Brendan McDermid

Nike shares rose 13 percent after the company returned Growth in North America in the last quarter and gave a positive forecast for the year.

The S & P financials sector, which broke a 13-day losing streak Thursday, rose 1.61 percent after US lenders approved the second installment of the Federal Reserve's annual stress test.

Wells Fargo led gains by 5.9 percent, while Citigroup gained 2.4 percent, Bank of America 1.4 percent and JPMorgan 1.5 percent.

The profits of Goldman Sachs and Morgan Stanley were lower as they passed the test with conditions.

The Department of Commerce's financial data, which showed that May's private consumption target reached the US Federal Reserve's target of 2 percent for the first time in six years, also contributed to the appreciation.

"Bank stocks are really booming in a rising interest rate environment, we know there are three or four rate hikes this year, and it looks like there's going to be a fourth in December," said David McKnight, president of David McKnight & Co said.

After a slight wobble over a report that President Donald Trump said he wanted to move the US out of the World Trade Organization, markets regained ground after Treasury Secretary Steven Mnuchin told Fox Business Network that the Axios report was wrong.

Friday's profits give a silver coating to the somewhat turbulent week in which the United States and China are switching over trade and customs and Chinese investment in American technologies.

McKnight said Trump did not want the trade war, especially in view of the upcoming midterm elections, and "people realize that trade wars are unlikely to happen, it calms the nerves of some investors".

At 10:58 EDT, the Dow Jones Industrial Average rose 279.90 points or 1.16 percent to 24,495.95, while the S & P 500 rose 25.72 points or 0.95 percent to 2,742.03 and the Nasdaq Composite rose 69.92 points to 0.92 percent, at 7,572.69.

Seven of the eleven major S & P sectors were higher, the energy index was up 1.54 percent, while US crude futures rose to their highest level since November 2014, while Nike's cyclical consumer sector was also up Percent rose.

The Constellation Brands declined 6.6 percent after the corona beer maker reported an unexpectedly low quarterly profit and maintained its full-year earnings guidance on missed estimates.

KB Homes rose 7.1 percent after second-quarter residential construction outperformed Wall Street estimates.

On-going issues outnumbered the 2.98 to 1 setback on the NYSE and 2.20 to 1 on the Nasdaq.

The S & P Index posted seven new 52-week highs and a new low, while the Nasdaq recorded 36 new highs and 36 new lows.

Amy Caren Daniel reporting in Bengaluru; Arrangement of Shounak Dasgupta


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