Stocks yet again closed at records highs, gaining strength right into the close. The rise in stocks this week was fueled by Fed chair Ben Bernanke who suggested that quantitative easing will remain in place for quite some time. On the economic front, the Labor Department said producer prices rose 0.8% in June, beating expectations for a climb of 0.5%. Separately, the Thomson Reuters/University of Michigan Surveys of Consumers' preliminary July consumer sentiment index fell to 83.9. The final figure for June was 84.1. Expectations had been for a reading of 85.0.
Two out of three is not bad, especially when it's the larger two of the three. Powerhouse banks JPMorgan (JPM) and Wells Fargo (WFC) beat estimates this morning with release of their quarterly earnings. JPMorgan posted profits of $1.60 a share when estimates were for $1.44. Profits were in fact up 31% from the same quarter a year ago. The company pointed to strength in its investment banking business as well as a reduction in
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