- US500 jumps to new record high
- Stocks rise on US data release
- Wells Fargo slumps after poor results
The US500 has looks set to post more record highs today with the market on course for an all-time closing peak and already has posted an intra-day record of 2555. The bull market in US stocks has shown little sign of stopping in recent sessions with a slow and steady grind higher.
Shorter term the benchmark jumped on the release of US data which saw a lower than expected increase in CPI and caused the greenback to fall across the board. The US500 moved above its previous record, set on Wednesday to post a fresh all-time high of 2555 immediately after the release and whilst there has been some small scale selling around the US open the market remains close to record highs.
The US500 popped to a new all-time high at 2555 following the data release. Source: xStation
Turing our attention to individual stocks, Wells Fargo is in the spotlight after sliding by around 3% following the latest trading update. The Bank reported its lowest quarterly returns in seven years as the cost of the fake account scandal are becoming more evident. Q3 earnings were dented by a $1B provision for the settlement over alleged pre-crisis mortgage abuses. Overall the bank generated $4.6B worth of net income compared with $5.64B.
Wells Fargo has dropped sharply after reporting disappointing results. Source: xStation