Markets

US stocks close higher led by Banking sector

2019-04-12 23:02:55 GMT (Economies.com)

US stocks rose at the end of the week with support from the banking sector, which rebounded on strong earnings reports from J.P. Morgan Chase and Wells Fargo.

 

Despite positive developments in the US-China trade negotiations, no agreement has yet been reached between the two countries.

 

J.P. Morgan Chase posted record earnings and revenues in the first quarter of this year, higher than analysts had expected.

 

On the other hand, West Texas crude rose by 0.5% to close at $63.89 a barrel and gained 1.3% this week, with the highest price of the session at $64.6 and the lowest price at $63.6.

 

Brent rose 1% to $71.55 a barrel, with weekly gains of 1.7%, as it closed at $71.8 and $ 70.9.

 

Consumer confidence in the US fell to 96.9 points this month, according to a joint survey by Reuters and the University of Michigan.

 

At the end of the week, Dow Jones rose 1% (269 points) to 26,412 points, and recorded a weekly loss of less than 0.1%, while the day's highest level at 2,6436 points and the lowest level at 26,409 points.

 

Nasdaq rose 0.4% (37 points) to 7,884 points, with weekly gains of 0.5%, with the day's high at 7,992 points and a low of 7,952 points.

 

Standard & Poor's closed Friday's session up 0.6% (19 points) at 2,907 points, with weekly gains of 0.5% and hitting a high of 2,910 points and a low of 2,988 points.

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