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Strong bank earnings propel stocks higher

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(Globalpost/GlobalPost)

US stocks edged higher to new record highs Friday after strong banking earnings helped offset a profit warning from UPS and fresh trouble for Boeing's Dreamliner aircraft.

At the closing bell, the Dow Jones Industrial Average rose 2.30 (0.01 percent) to 15,463.22, nudging above Thursay's record.

The S&P 500 also rose to a new record peak, adding 5.09 (0.30 percent) at 1,680.11, while the tech-rich Nasdaq Composite Index jumped 21.78 (0.61 percent) to 3,600.08.

Earnings from JPMorgan Chase and Wells Fargo beat expectations by a wide margin. But the Dow was weighted down by component Boeing after a parked Ethiopian Airlines Boeing 787 Dreamliner plane caught fire at London's Heathrow airport.

Investors were also troubled after UPS slashed its second-quarter forecast, citing weak US industrial activity and air freight overcapacity.

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http://www.globalpost.com/dispatch/news/afp/130712/strong-bank-earnings-propel-stocks-higher