Business News

NEW YORK, July 11, (APP/AFP) – The S&P 500 surged to a record Monday,
joining a global equity rally as Wall Street brushed aside worries about the global economy and awaited second-quarter company earnings.
The broad-based S&P 500 rose 0.3 percent to 2,137.16, up about six and a
half points from the prior all-time closing peak set in May 2015.
The Dow Jones Industrial Average rose 0.4 percent to 18.226.93, while the
tech-rich Nasdaq Composite Index increased 0.6 percent at 4,988.64.
The gains on Wall Street reflected continued momentum from Friday’s
surprisingly strong US jobs report, which raised hopes that the American
economy was strengthening.
Sentiment was also boosted by expectations of additional economic stimulus
in struggling Japan after Prime Minister Shinzo Abe’s party swept parliamentary elections.
Key gainers included aluminum producer Alcoa, up 3.3 percent ahead of its
post-market earnings release, and banks JPMorgan Chase and Citigroup, which
report later in the week.
Second-quarter earnings for S&P 500 companies are expected to decline 5.4
percent compared with last year, according to S&P Global.