Dow Jones: +204 at 12,777
S&P 500: +22 at 1,357
NASDAQ Composite: +42 at 2,909
LONDON (SHARECAST) - US equities brought an end to a six-day losing streak on Friday, as traders became more convinced that China will beef up stimulus measures, even though Chinese gross domestic product (GDP) for the second quarter was slightly ahead of forecasts.
Chinese GDP rose 1.8% in the second quarter, according to data published by the Chinese statistics bureau. Consensus estimates had been pointing to a rise of 1.7%. Versus the same period of last year GDP was up by 7.6%, as expected.
Investment bank JP Morgan Chase was the top performer among Dow Jones constituents after announcing its second quarter results. The bank´s net profits came in at $4.96bn, down from $5.43bn a year earlier, well ahead of analysts´ expectations. Nevertheless, the firm did revise its first quarter results lower. Even so, investors were heartened by chief executive Jamie Dimon´s claim that the bank will still achieve record profits this year.
Elsewhere in the banking sector Wells Fargo was wanted as quarterly earnings per share of 82 cents were a shade higher than the 81 cents the market had been expecting.
In after-hours trading credit companies Visa and Mastercard both tended firmer after they settled lawsuits with disgruntled merchants.
In contrast, computer printer maker Lexmark tanked after it issued a profit warning. Hewlett-Packard and Xerox declined in sympathy.
Sticking with the computing sector, Microsoft saw a bit of buying interest, with investors diving in ahead of the expected unveiling of details of a new version of the software company's cash-cow Office software suite on Monday.
Macro-economic data
Producer prices (PPI) rose by 0.1% month-on-month in June, versus the -0.5% forecast by the consensus. At the core level however they registered an increase of 0.2% month-on-month, as expected.
Analysts at Barclays had this to say about today´s price data: “Taken alongside a 1.0% increase in food prices at the intermediate level, it suggests that food price inflation has stabilised following recent declines and hints at the first signs that recent sharp gains in some agricultural commodity prices may be beginning to pass through the supply chain. Excluding food and energy, the core PPI rose 0.2%, in line with our forecast and the consensus and the fourth consecutive two-tenth gain.
The University of Michigan´s preliminary consumer confidence survey for the month of July has come in at 72 points, versus 73.2 for the month before (Consensus: 73.4).
The expectations sub-index dropped to 64 points after the previous month´s reading of 67.8.
Treasuries slightly lower
10-year US Treasuries fell by 12.5 cents, with yields edging up to 1.49% from 1.48% the day before.
Front month West Texas crude futures rose by $1.02 to $87.10 a barrel on the New York Mercantile Exchange.
S&P 500 - Risers
Abercrombie & Fitch Co. (ANF) $35.48 +5.78%
Tenet Hlthcre Corp. (THC) $5.14 +5.76%
JP Morgan Chase & Co. (JPM) $36.07 +5.75%
Citigroup Inc. (C) $26.65 +5.13%
E*TRADE Financial Corp. (ETFC) $7.85 +4.95%
R.R. Donnelley & Sons Co. (RRD) $12.60 +4.83%
Genworth Financial Inc. (GNW) $5.32 +4.72%
Franklin Resources Inc. (BEN) $113.88 +4.50%
SunTrust Banks Inc. (STI) $24.75 +4.25%
Leucadia National Corp. (LUK) $22.33 +4.20%
S&P 500 - Fallers
Lexmark International Inc. (LXK) $20.36 -16.25%
Supervalu Inc. (SVU) $2.32 -13.75%
F5 Networks Inc. (FFIV) $91.40 -2.21%
AK Steel Holding Corp. (AKS) $5.60 -2.10%
Hewlett-Packard Co. (HPQ) $18.98 -1.91%
Dean Foods Co. (DF) $14.52 -1.76%
Xerox Corp. (XRX) $7.27 -1.76%
Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $36.07 +5.75%
Bank of America Corp. (BAC) $7.82 +3.85%
Caterpillar Inc. (CAT) $82.07 +3.05%
Microsoft Corp. (MSFT) $29.39 +2.65%
Boeing Co. (BA) $73.51 +2.51%
Dow Jones I.A - Fallers
Hewlett-Packard Co. (HPQ) $18.98 -1.91%
Nasdaq 100 - Risers
Check Point Software Technologies Ltd. (CHKP) $46.04 +3.95%
Dish Network Corp. (DISH) $27.33 +3.88%
Infosys Technologies Ltd. (INFY) $40.21 +3.77%
Celgene Corp. (CELG) $65.27 +3.69%
Expedia Inc. (EXPE) $45.67 +3.65%
Cognizant Technology Solutions Corp. (CTSH) $57.26 +3.45%
Foster Wheeler AG (FWLT) $16.11 +3.20%
PACCAR Inc. (PCAR) $37.22 +3.05%
Nasdaq 100 - Fallers
Logitech International S.A. (LOGI) $9.48 -2.47%
Research in Motion Ltd. (RIMM) $7.25 -2.29%
Apollo Group Inc. (APOL) $31.77 -0.66%
Wynn Resorts Ltd. (WYNN) $96.22 -0.55%
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