Dow, S&P 500 in the black after positive quarterly banking reports

July 18 (Reuters) – The Dow and S&P 500 indexes rose on Tuesday after some leading creditors including Morgan Stanley and Bank of America posted positive second-quarter results.

The Dow Jones rose 0.69% to 34,824.43 at 5:35 p.m. GMT, the S&P 500 rose 0.14% to 4,529.27, while the Nasdaq fell 0.32% to 14,199.59.

Bank of America shares rose 4% with earnings up 20% in the second quarter. Morgan Stanley rose 5.8% after the lender’s quarterly results beat analysts’ expectations.

“The banks are doing well so far, which is not surprising,” said Dakota Wealth’s Robert Pavlik.

“But we cannot confidently assume that the results will be the same for all companies,” added Pavlik.

PNC Financial Services lowered its full-year net interest income forecast on Tuesday, while brokerage house Charles Schwab reported a smaller-than-expected decline in quarterly earnings.

As a result, Charles Schwab jumped 10.7%, leading the S&P 500 to gain, while PNC shares were up 1.7%.

US industrial production fell 0.5% in June from May, while analysts expected it to stay flat, the Federal Reserve said on Tuesday.

Pinterest shares rose 2.9%.

The original message in English is available at the code: (Johann M Cherian and Bansari Mayur Kamdar in Bangalore)


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