U.S. stocks rose on Friday, lifting the S&P 500 above the 2,900 mark for the fir...
- U.S. stocks rose on Friday, lifting the S&P 500 above the 2,900 mark for the first time since early October, boosted by gains in Walt Disney shares and as bank stocks surged after strong results from JPMorgan.
The S&P financial index rose 1.74%, providing the biggest boost to the main index, while the S&P banks index gained 2.26%. “Expectations for this earnings cycle have been subdued, but after results from these big financials it shows that things have started off really well. So one has to wonder maybe the expectations were too low to begin with. But so far, so good,” said Ryan Nauman, market strategist at Informa Financial Intelligence in Zephyr Cove, Nevada.
Analysts project earnings growth at S&P 500 companies to decline 2.3 percent in the first quarter as the impact of tax cuts fade and worries about global growth come to the fore. Bank earnings are expected to grow 3%, according to Refinitiv data. A $33 billion deal in the energy sector helped oil and gas stocks. Anadarko Petroleum Corp jumped 32.6%, topping gains on the S&P 500, after Chevron Corp said it would buy the company in a cash-and-stock deal.
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