The First Slice for Friday, July 22, 2022

U.S. stocks closed higher Thursday with all three benchmarks touching their highest levels in six weeks, as weak economic data was offset by healthy second-quarter earnings from Tesla Inc. and others.

  • The Dow rose +162.10 or +0.51%
  • The S&P 500 gained +39.05 or +0.99%
  • The Nasdaq traded higher +161.91 or +1.36%

Stronger-than-expected second-quarter corporate earnings have helped stocks to recover to their best levels in more than a month this week, even as economic data suggest the U.S. economy is slowing.

On the corporate earnings front, shares of Danaher Corporation Philip Morris International, and Tesla all traded higher as Wall Street cheered their second-quarter results.

Next week’s raft of coming earnings reports from large companies should help investors “come to some conclusions” about the overall health of companies, he said, including how businesses have been coping with high inflation, tighter monetary policy, and the threat of a recession.

About 18% of S&P 500 index companies have reported earnings for the second quarter so far and of those, about 71% have beaten expectations, according to FactSet.

In economic data, U.S. weekly jobless claims continued to rise last week, increasing to more than 250,000 for the first time since November.

The U.S. leading economic index fell for the fourth month in a row and may be pointing to recession around the end of the year, the Conference Board said…….Full Loaf Hot Link[read more]

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