Wall Street closed higher on Friday, with the S&P 500 and Dow Jones Industrial Average hitting intraday record highs, on bets that the U.S. Federal Reserve will cut interest rates in September, while big banks fell after reporting mixed results.
Bay Street also advanced, with the S&P/TSX Composite Index closing at a record high for the second straight session. It was the TSX’s best weekly performance since October.
Some of the U.S. market’s most valuable companies bounced back after dipping in the previous session. Apple and Nvidia each climbed more than 1%.
The S&P 500 and Dow surged to all-time highs before giving up much of those gains by the close.
JPMorgan Chase’s second-quarter profit was lifted by rising investment banking fees. However, shares of the world’s largest bank dipped 1.2%.
Wells Fargo tumbled 6% after the lender missed estimates for quarterly interest income, while Citigroup fell 1.8% despite reporting a surge…
