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Wall Street rally fades

Saturday, July 16, 2016 - 01:21

The Dow managed to close at another record high, but disappointing bank earnings helped kill the stocks rally. Fred Katayama reports that stock index futures fell after hours.

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The Dow barely managed to hit another all-time high, but stocks ran out of gas after recording a string of record highs for the blue chips and S&P 500 this week. Disappointing bank earnings helped killed the momentum. For the week, the three big indices moved higher. Some travel and leisure stocks fell after the attack in Nice, France, but the horrific event didn't sink the markets. Mercadien Asset Management president Ken Kamen: SOUNDBITE: KEN KAMEN, PRESIDENT, MERCADIEN ASSET MANAGEMENT, (ENGLISH) SAYING: "The problem is it's becoming a recurring tragedy. And probably the most depressing thing I could report to you is that the market is now becoming desensitized to these things." But after the close, U.S. stock index futures slid. Turkey's military said it has taken control of the government. In Europe, travel and leisure stocks fell after the Nice attack, pulling down shares but the FTSE 100 eked out a gain. U.S. investors got a dose of positive economic data. Retail sales and industrial output both increased 0.6 percent in June. And consumer prices rose 0.2 percent last month. Quarterly profit fell at two of the U.S.' biggest banks. Citigroup's earnings drop was smaller than expected, helped by a rebound in trading revenue. Wells Fargo set aside more money to cover potentially bad loans, hurting profit.

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Wall Street rally fades

Saturday, July 16, 2016 - 01:21