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U.S. stocks rally across the finish line of eventful week



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Main stock indexes close higher, but pare gains toward close

Cons disc leads S&P 500 sectors gainers; Comm Svcs sole loser

Dollar, gold, crude, bitcoin all slip

U.S. 10-Year Treasury yield edges down to ~4.18%

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U.S. STOCKS RALLY ACROSS THE FINISH LINE OF EVENTFUL WEEK

Wall Street ended higher on Friday, gathering momentum - and then paring in the last half hour - closing the book on an action-packed week.

All three major stock indexes posted healthy gains on the day - although well off the session's apex - with the Dow Jones Industrial Average .DJI just missing a fresh record closing high.

All three posted weekly gains.

Among outperformers, chips .SOX surged 1.3%, housing stocks .HGX gained 1.6% and small caps .RUT built on recent strength, adding 1.1% and touching their highest level since 2022.

The RUT notched its largest weekly percentage gain since early-November 2023.

Second-quarter reporting season is underway, and a trio of big U.S. banks cut the ribbon.

JPMorgan Chase JPM.N and Citigroup C.N both beat expectations on solid investment banking, but their shares closed down 1.2% and 1.8%, respectively.

Wells Fargo WFC.N tumbled 6.0% after missing interest income estimates.

The S&P Banking index .SPXBK shed 1.5%.

On the economic front, the Labor Department's Producer Prices report delivered a hotter reading than economists were anticipating, while the University of Michigan's initial take on June Consumer Sentiment unexpectedly dipped.

This follows Thursday's cool CPI print, which appeared to bolster Fed Chair Jerome Powell's subtle hinting, during his two-day congressional monetary policy testimony, that the central bank could cut interest rates as soon as September.

The higher-profile indicators on next week's docket include retail sales on Tuesday, followed on Wednesday with housing starts/building permits and industrial output.

A truncated list of attention-grabbing corporate earnings reports expected next week:

Goldman Sachs GS.N reports on Monday, Tuesday brings Morgan Stanley MS.N and Bank of America BAC.N to the fore, followed by Johnson & Johnson JNJ.N and United Airlines UAL.O on Wednesday.

Thursday puts Netflix NFLX.O on deck, and American Express AXP.N, Travelers Companies TRV.N wrap things up on Friday.

Here's your closing snapshot:



(Stephen Culp)

*****



FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:


Q2 US EARNINGS GROWTH NOW SEEN AT 9.6% YR-OVER-YR - LSEG - CLICK HERE


S&P 500 EARNINGS GROWTH LIKELY TO ACCELERATE WITH Q2 RESULTS, UBS SAYS - CLICK HERE


ELI LILLY HEADS TOWARDS TRILLION DOLLAR CLUB IN HEALTHCARE MILESTONE - CLICK HERE


INDIVIDUAL INVESTOR BULLS "UNUSUALLY HIGH" - AAII - CLICK HERE


TWO STEPS FORWARD, ONE STEP BACK: PPI, UMICH - CLICK HERE


IS THIS THE BEGINNING OF THE END OF THE DOLLAR RALLY? - CLICK HERE


THE MOUSE THAT ROARED: SMALL CAPS BESTING THE BIGGIES AGAIN, BANKS SLIDE - CLICK HERE


ALL ABOARD THE BROADENING TRAIN? - CLICK HERE


JPMORGAN, MACQUARIE JOIN SEPTEMBER U.S. RATE-CUT BANDWAGON - CLICK HERE


EARNINGS SEASON BRINGS NIGGLING WORRY FOR NERVOUS INVESTORS - CLICK HERE


POLITICS OUT, DATA AND CENTRAL BANKS IN, UNTIL NOVEMBER - CLICK HERE


DON'T BANK ON EARNINGS TO BOOST LUXURY NAMES - CLICK HERE


SWITZERLAND AND SWEDEN - CLICK HERE


ROTATION TIME - CLICK HERE


MORNING BID: TOKYO'S ART OF INTERVENTION - CLICK HERE





Closing snapshot https://reut.rs/4cD04yU

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