Stocks rallied on Friday. Brands such as JPMorgan Chase, Bank of America, Caterpillar, and Microsoft stepped up on a variety of economic data. Consumer confidence dropped this month. In a preliminary reading, the University of Michigan’s consumer sentiment index hit 72 in July, down 1.2 points from June’s results. On another note, the Labor Department reported that the producer price index rose by 0.1% in June, following a 1% dip in May, and exceeded an expected decline of 0.5%. Elsewhere, crude oil futures tacked on $1.02 to settle at $87.10 a barrel. Looking ahead to next week, Citigroup, Goldman Sachs, and Yahoo! are set to issue quarterly results.
Disclosures:
All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.