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Wall Street notches record highs

Credit: Reuters Studio
Published on July 12, 2019 - Duration: 01:26s

Wall Street notches record highs

All three major indexes posted record closing highs Friday as solid expectations for an interest-rate cut from the Federal Reserve continued to propel shares ahead of next week's kickoff of the corporate earnings season.

Fred Katayama reports.

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Wall Street notches record highs

Wall Street's record setting spree continued Friday as the Dow, S&P 500 and Nasdaq all rose to all-time highs.

Heightened expectations for an interest rate cut later this month spurred the buying.

For the week, the Dow gained the most, up 0.9%.

Kramer Capital Research chief investment officer, Hilary Kramer: SOUNDBITE: KRAMER CAPITAL RESEARCH CHIEF INVESTMENT OFFICER, HILARY KRAMER (ENGLISH) SAYING: "S&P will continue to rise for the rest of the year because the Fed is certainly our friend in this.

Look, the worst that the Fed will do is be dovish and just cut a quarter pont; they could change nine quarters if they wanted to, you know, they have that many bullets there." Industrials and materials stocks led the rally.

Ford shares rose after the automaker said it will jointly develop autonomous and electric cars with Volkswagen.

Altria's shares rallied after Goldman Sachs upgraded the cigarette maker's shares to "buy" from "neutral." The biggest loser on the S&P 500: healthcare.

Illumina dragged it down.

Several analysts cut their price targets on the stock after the gene sequencing company's preliminary quarterly revenue disappointed Wall Street.

And Johnson & Johnson.

Bloomberg reported Justice officials are pursuing a criminal probe into whether the healthcare company lied about potential cancer risks of its talcum powder.

Earnings season starts next week with results out from banks like Citigroup and JPMorgan Chase and tech giants Netflix and Microsoft.

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