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Wall Street closes near record highs

Video Credit: Reuters - Business (Amazon FireT - Duration: 01:10s - Published < > Embed
Wall Street closes near record highs

Wall Street closes near record highs

U.S. stocks closed near record highs on Friday after JPMorgan Chase soothed worries that the first-quarter earnings season would curb Wall Street's big rally back from last year's slump.

Fred Katayama reports.

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Wall Street closes near record highs

The S&P 500 bolted back above the 2900 mark Friday, closing in on a record high.

It can thank Walt Disney and JPMorgan Chase for much of that.

The Dow rose 1 percent, the S&P gained six-tenths percent, and the Nasdaq tacked on half percent.

Bahnsen Group chief investment officer, David Bahnsen: SOUNDBITE: BAHNSEN GROUP CHIEF INVESTMENT OFFICER, DAVID BAHNSEN (ENGLISH) SAYING: "Is the market getting expensive?

Look, it's at a lower valuation right now than it was in January of 2018.

So I think you have a S&P 500 making 25 percent more in profits than it was 15 months ago but trading at a multiple that's about a point lower." Financial stocks spearheaded the rally, led by JPMorgan Chase.

The U.S.'

Largest bank posted rising quarterly profit that easily catapulted over analysts' estimates.

The bank also expressed optimism about the outlook for the economy.

Another big gainer was Walt Disney.

The media giant aggressively priced its new family friendly streaming video service below Netflix, whose shares then fell.

Chevron shares declined after the oil company offered to buy its smaller rival, Anadarko Petroleum, for $33 billion.

Anadarko's shares jumped more than 30 percent.




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