Better than expected earnings from JP Morgan helped the Dow to rally and finally close above its 200 Day Moving Average in what turned out to be an extremely choppy trading session. CEO Jamie Diamond said that the bank ended the Quarter with significant earnings power. JPM reported Q2 revenue of $33.8 billion, up $4.3 billion year-on-year, while smashing expectations of $30.3 billion expected as a result of trading and IBanking Revenue. Positive comments on spending also boosted the Dow late on with House Speaker Nancy Pelosi saying she was in favour of delaying Congress’s August recess in order to push through another stimulus package. The Dow closed 2.14% higher. Optimism also grew over Coronavirus vaccines with Moderna filing to start the Phase 111 trial for COVID-19 Vaccine later this month. The S&P closed the day with a gain of 1.3% after swinging for most of the session between gains and losses before a late surge into the close. Elsewhere, the UK’S 2-year bonds yielded less than Japanese debt for the first time. Treasuries and the US Dollar ended flat while Crude closed 0.45% higher after OPEC published a record jump in crude demand in 2021.
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