So far this year, the Dow has risen 6.4%, underperforming the broader S&P 500 and the tech-heavy Nasdaq.
The Dow touched a record high on Friday as this year’s lagging stocks gained favor on optimism that thehit in late May. But the blue-chip index pared gains, closing at 40,000.90, just shy of its record close of 40,003.59 on May 17on a boost from rising investment banking fees. However, shares of the world’s largest bank dipped 1.2% after a 21.4% climb this year.Wells Fargo slid 6% as the lender missed estimates for quarterly interest income, while Citigroup fell 1.
Analysts expect second-quarter earnings for S&P 500 firms to grow by 9.6%, from a decline of 2.8% in the same period in 2023, according to LSEG IBES data.
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