Calm Day Preserves Stocks' Gains for the Week

Roper Technologies climbs after earnings report, while American Express drops
By Newser Editors and Wire Services
Posted Jul 21, 2023 3:55 PM CDT
Stocks Move Little, Preserving Week's Gains
An American Express logo is attached to a door in Boston's Seaport District in 2021.   (AP Photo/Steven Senne, File)

Wall Street closed out another winning week with a quiet Friday, as stocks found some stability after sliding the day before, per the AP.

The S&P 500 edged up by 1.47, or less than 0.1%, to 4,536.34.
The Dow added 2.51 points, or less than 0.1%, to 35,227.69.
The Nasdaq slipped 30.50, or 0.2%, to 14,032.81.

Roper Technologies rallied 3.7% for one of the larger gains in the S&P 500 after it reported better profit and revenue for the spring than analysts expected. The company, which looks to dominate niche tech markets, also raised its financial forecasts for the full year. The earnings reporting season is gaining momentum, and a majority of companies are reporting better results than expected. They're doing so by a bit less than usual, though, according to FactSet. On the losing side of Wall Street was American Express, which fell 3.9%. It reported stronger profit for the spring than expected, but its revenue fell short of forecasts.

The Fed is widely expected to raise its federal funds rate on Wednesday to its highest level since 2001. But that could be the final increase of the cycle, because inflation has been cooling since last summer. The federal funds rate started last year at virtually zero. To be sure, the 18.1% jump for the S&P 500 this year has critics saying the rally has come too far, too fast. The risk of recession remains because inflation and interest rates remain high. When Fed Chair Jerome Powell speaks on Wednesday after the central bank's decision on rates, economists at Deutsche Bank say he "is likely to emphasize that further evidence is needed to have confidence inflation will be tamed."

(More stock market stories.)

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