After The Bell: Record Day On Wall Street

Andy Giersher
July 26, 2019 - 6:06 pm
Wall Street

Antonprado | Dreamstime.com

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CHICAGO (WBBM NEWSRADIO) -- It was a record day on Wall Street Friday after a batch of solid quarterly earnings and better-than-expected GDP data pushed the S&P 500 to a fresh all-time high.

The S&P 500 gained 22, the NASDAQ added 91 and the Dow Jones Industrial Average closed up 51 points, settling to 27,192.

Chuck Carlson, CEO of Horizon Investment Services said it was a strong day.

"The market kind of built momentum, particularly the Nasdaq and S&P 500 today was on the backs of pretty descent earnings, the chief one being (google-parent) Alphabet," Carlson said. "Those earnings, reported last night, were quite strong and a relief I think given what they had done in the first quarter and sent that stock up 10% today.  That really was a boost to market cap weighted indices such as the Nasdaq and S&P 500." 

He said there is more optimism as next week approaches and said it will be time for the Fed to work at lower rates.

Carlson also noted that the three main engines of stock market performance are inflation, interest rates and corporate profits.