S&P 500 held above 1700 points

USA Wall StreetThe index S&P 500 managed to hold at a record high of over 1,700 points after came a series of positive data for the manufacturing sector in China and the Eurozone, leading central banks have pledged to maintain stimulus for the economy. At the end of the session on Wall Street Dow Jones rose by 0.83% to 15,628 points, S & P 500 added 1.26 percent to 1,707 points, while the Nasdaq rose 1.37% to 3676 points. All 10 industry groups in the composition of the S & P 500 ended the session with gains. The shares of Procter & Gamble Co. rose after the company’s financial results exceeded expectations.
Market valuation of DreamWorks added over 8 percent also infect better financial results, while that of Exxon Mobil Corp. fell after the company’s profit did not meet analysts’ expectations. With an impressive 26% gainers on Yelp, after the company announced that sales in the second quarter jumped 69% to 55 million USD in estimated 53.3 million USD. The European and British central banks kept the level of key interest rates. Later, ECB President Mario Draghi confirmed that the bank will keep the monetary policy “for an extended period of time” as the economy strengthened. Yesterday, the Fed also committed to continue with economic incentives, while not noticing sustainable recovery and visible improvement in the labor market. According to the US Central Bank is at risk too low inflation hinder recovery
At the same time came more good news from Europe. Activity in the Eurozone manufacturing sector expanded more than expected in July after two years of decline, which is another indication that indeed the Eurozone economy could return to growth this quarter. The ISM reported today that according to estimates of the institute proceedings in the United States also increased more than expected in July. The US Labor Department did said that last week filed applications for unemployment benefits fell by 19 thousand to 326 thousand – the lowest level since January 2008 Economists surveyed by the agency expects applications to reach 345 thousand.
“The figures show that the economy continues to improve, as well as labor market and corporate profits increasingly exceeded expectations. This may continue to drive the markets even higher”, told news agency Phil Orlando, chief strategist at Federated Investors.

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