Stocks gained momentum Friday, with the Dow Jones Industrial Average moving above the psychologically significant 25,000-point milestone as traders digested the latest quarterly earnings reports from three major U.S. banks.
JPMorgan Chase’s second-quarter earnings and revenue topped analysts’ expectations, Citigroup beat on earnings but missed on revenue while Wells Fargo missed on both earnings and revenue.
Traders also had some economic data to contend with. The June U.S. import price index fell 0.4% on lower energy and food costs. This was the biggest drop for the index since February 2016. Export prices increased 0.3%.
The University of Michigan consumer sentiment index declined to 97.1 in July, below June’s 98.2 reading.
While stocks were flat, there was a string of new records for some big tech names. Amazon, Microsoft, Facebook and Google each hit all-time highs Friday.
In commodities, oil was higher following its recent drubbing.
Stocks rebounded Thursday following a trade war fueled sell-off. The Dow Jones Industrial Average surged 224.44 points, or 0.91%, to 24,924.89.
FOX Business’ Ken Martin contributed to this article.
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