Wall Street is growing as the reporting season gathers momentum

NEW YORK, July 20 (Reuters) – The Dow Jones and S&P 500 indexes gained slightly on Wednesday, with the Dow blue chip index posting its eighth consecutive day of gains as investors delved into quarterly company reports. The decline in Microsoft stock held back the Nasdaq, which closed almost unchanged.

Goldman Sachs shares rose 0.97% after the bank reported a 60% drop in second-quarter profits, but lender chief David Solomon was optimistic about signs of recovery in investment banking.

Citizens Financial shares rose 6.39% and M&T Bank 2.48% after both banks’ second-quarter results beat Wall Street forecasts. US Bancorp rose 6.46% as the Minneapolis-based lender posted a 28% increase in quarterly net income.

The Dow Jones closed up 0.31% to 35,061.21 points, the S&P 500 gained 0.24% to 4,565.72 points, and the Nasdaq closed slightly higher at 14,358.018 points.

Nasdaq gains were capped by a 1.23% drop in Microsoft shares after it was reported that Apple is working on developing artificial intelligence products. Nvidia fell 0.88% and Alphabet fell 1.40%.

Carvana’s stock rose 40.20% after the indebted used-car dealer settled with most of its bondholders, reducing the company’s debt by more than $1 billion.

Tesla shares rose 0.46% after volatile trading on Wednesday. The automaker saw its total gross margins fall for April-June, then shares fell almost 5% in post-call trading.

Also after Wall Street closed, Netflix fell 4.48% as the company reported second-quarter revenue slightly below forecasts.

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(Chuck Mikołajczak)


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