Stocks higher before earnings barrage
Friday, January 14, 2022 4:41 PM

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In New York, stocks continued climbing late Friday, as investors shrugged off lackluster economic data and shifted focus to next week's avalanche of corporate reports.

The Dow Jones Industrials regained 55.48 points to 11,787.40

The S&P 500 tacked on 9.48 points to 1,293.24. The Nasdaq Composite Index was higher by 20.01 points to 2,755.30

Meanwhile, JPMorgan Chase -- which reported strong earnings before the opening bell -- Bank of America and American Express were leading the Dow in percentage increases. JetBlue was one of the biggest losers.

Banks including Citigroup Wells Fargo and Bank of America are on tap to release earnings next week. Several technology companies -- including Apple, Google and IBM -- will also report.

Stocks are overbought right now and the market is due for a correction, Springer said. But rather than moving sharply lower, the market is "resting" by merely moving sideways.

Those daily pullbacks are actually good signs that the market is keeping itself in check. Stocks ended lower Thursday in a quiet session.

Before the opening bell, JPMorgan Chase reported a 47% jump in fourth-quarter earnings to $4.8 billion, or $1.12 U.S. per share, beating the 99 cents U.S. per share forecast by analysts.

But the investment bank also bolstered its reserves for mortgage-related legal expenses for the second straight quarter. The stock rose 1.6% in late trading.

Coinstar, which owns the $1 DVD rental kiosk company Redbox, reported profits and sales that missed expectations after the closing bell Thursday. The company also lowered its guidance, and shares tumbled 26% in late trade.

After the market close Thursday, Intel reported the best fourth-quarter earnings in company history -- both the chipmaker's revenue and profit set new records. Intel's shares were down about 0.7%.

Economically speaking, the government reported that both inflation and retail sales rose last month, but neither reading was strong enough to lift markets.

The Commerce Department's Consumer Price Index, a key measure of consumer inflation, rose 0.5% in December after inching up 0.1% in the previous month.

Core CPI edged up 0.1%, after rising the same amount in November. The increase was in line with estimates.

Separately, the Commerce Department said retail sales increased 0.6% in December, following a rise of 0.8% in November. Sales were expected to have gained 0.7%. Sales excluding autos rose 0.4%, after jumping 1.2% in the previous month. That missed the 0.6% gain economists had forecast.

The Federal Reserve said industrial production rose 0.8% December. Capacity utilization is expected to have risen to 76% in December, from 75.4% the previous month.

Prices on the benchmark 10-year U.S. Treasury lost ground, upping the yield to 3.33% from Thursday's 3.30%. Treasury prices and yields move in opposite directions.

Oil for February delivery regained 15 cents to $91.04 U.S. a barrel

Gold futures for February delivery slumped $26.50 to settle at $1,360.50 U.S. an ounce, near six-week lows.

(Source: )
(Source: Quotemedia)
 

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