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Dow ends at 2nd straight record ahead of bank earnings

15 July 2017

Shares of JPMorgan Citigroup and Wells Fargo, which have run up in the past few weeks, were lower as their earnings reports failed to excite investors.

Online payment company Paypal was among the winners, rising more than 3%, after it announced customers would be able to use PayPal on Apple products.

"Companies that miss or just meet expectations or if they don't give post strong forecasts, will be punished by investors", said J.J. Kinahan, chief market strategist at TD Ameritrade.

The U.S. economy grew at a "slight to moderate" pace over the last several weeks across all regions of the country, with wage pressures reported for both low- and high-skilled jobs, the Federal Reserve reported on Wednesday in its latest compendium of regional economic activity. "Given where valuations are right now, some sell off in the market won't be bad in the short term".

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In the 12 months through June the producer level inflation, or PPI, increased 2.0 percent, above the 1.9 per cent rise expected.

The benchmark index climbed 123.07 points, or 0.6%, to 21,532.14.

The S&P 500 is up 220.44 points, or 9.9 percent.

Ten of the 11 major S&P sectors were higher, with the utilities index's 0.83 percent rise leading the advancers.

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The Nasdaq Composite was up 1.58 points, or 0.03 percent, at 6,262.75.

The S&P 500 is up 34.09 points, or 1.4 percent.

Data showed USA producer prices unexpectedly rose in June as sustained increases in the cost of services offset declining energy prices, suggesting a recent moderation in inflation was likely temporary.

Crude oil was over 1 percent higher with prices at $47 per barrel. That was the Dow's first record high since June 19. (NYSE: HD), Microsoft Corp (NASDAQ: MSFT) and McDonald's Corp (NYSE: MCD) each rose at least 1.1%.

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Dow ends at 2nd straight record ahead of bank earnings