U.S. stocks inching closer to record highs despite trouble for Boeing

By Agence France-Presse
Friday, July 12, 2013 22:30 EDT
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Stock specialists at the Barclays post work on the floor of the New York Stock Exchange just after the closing bell on July 3, 2013 in New York. [AFP]
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US stocks edged higher to new record highs Friday after strong banking earnings helped offset a profit warning from UPS and fresh trouble for Boeing’s Dreamliner aircraft.

At the closing bell, the Dow Jones Industrial Average rose 2.30 (0.01 percent) to 15,463.22, nudging above Thursday’s record.

The S&P 500 also rose to a new record peak, adding 5.09 (0.30 percent) at 1,680.11, while the tech-rich Nasdaq Composite Index jumped 21.78 (0.61 percent) to 3,600.08.

Earnings from JPMorgan Chase and Wells Fargo beat expectations by a wide margin. But the Dow was weighted down by component Boeing after a parked Ethiopian Airlines Boeing 787 Dreamliner plane caught fire at London’s Heathrow airport.

Investors were also troubled after UPS slashed its second-quarter forecast, citing weak US industrial activity and air freight overcapacity.

Agence France-Presse
Agence France-Presse
AFP journalists cover wars, conflicts, politics, science, health, the environment, technology, fashion, entertainment, the offbeat, sports and a whole lot more in text, photographs, video, graphics and online.
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