US stocks finish near records, resuming upward climb

　　Optimism over possible interest rate cuts in September boosted investor sentiment. Photo: Shutterstock

　　Wall Street stocks resumed their upward climb on Friday, shrugging off disappointing inflation data and a poor response to bank earnings amid expectations of easing US monetary policy.

　　US wholesale inflation rose 0.2 percent in June, more than expected, according to Labour Department data.

　　However Friday's data was not bad enough to overshadow Thursday's benign consumer price index report that boosted expectations for Federal Reserve interest rate cuts, analysts said.

　　The Dow Jones finished up 0.6 percent at 40,000, just shy of a closing record set in May.

　　The S&P 500 also gained 0.6 percent to 5,615, along with the Nasdaq, which closed at 18,398. Both indices had dropped on Thursday, ending a multi-day stretch of records.

　　“Yesterday's decline appears to be a one-off and it's not leading to more selling,” said Adam Sarhan of 50 Park Investments, who considers the current dynamics a bull market.

　　The hardest hit large bank after earnings was Wells Fargo, which sank 6.0 percent as it reported lower profits due in part to a decline in net interest income.

　　Both Citigroup and JPMorgan Chase also fell more than one percent.

　　The air taxi startup Archer Aviation soared 10.4 percent after announcing a partnership with Southwest Airlines to provide aircraft in California. Southwest rose 2.1 percent.

　　AT&T shed 0.2 percent after disclosing a massive data breach in which hackers stole call and message data from virtually all of its customers for six months in 2022 – around 90 million people. (AFP)