The S&P 500 and the Nasdaq indexes closed at five-week highs as the earnings season gathers pace. Existing home sales declined in June and mortgage applications plunged as more buyers are priced out.
After the close, Tesla reported 42% rise in sales and quarterly earnings jumped 98%. Bath & Body Works trimmed second quarter and annual outlook. Netflix quarterly subscriber loss slowed.
The S&P 500 and the Nasdaq Composite index advanced and investors digest fresh batch of earnings. Mortgage demand fell to the lowest levels seen in 22 years.
U.S. stocks accelerated on Wall Street after the latest batch of earnings bolstered optimism. The strong dollar is negatively impacting revenues growth and the rising costs are trimming earnings.
The People's Bank of China injected more liquidity and to prevent the growing cash crisis from developing into a crisis of confidence in the banking system. Mortgage boycotts are widening at a rapid pace as real estate developers struggle in completing residential home projects.
Stocks turned lower after rallying in the morning on the back of earnings from Goldman Sachs and Bank of America. After the close, IBM cited headwinds from strong dollar in its full-year guidance.
Goldman Sachs earnings took a hit after deal volumes fell. Bank of America benefited from the rising rate environment. Delta placed a 100 MAX jets order with Boeing.
Stocks on Wall Street advanced after Goldman Sachs and Bank of America reported better than expected quarterly results. At least 135 companies are scheduled to release earnings this week.
Benchmark indexes advanced after a rise in retail sales despite the inflation surge lifted spirits on Wall Street. Better than expected earnings at banks contributed to the day's advance.
