US STOCKS-Wall St ticks up to extend record streak

miércoles 13 de julio de 2016 16:36 GYT
 

* S&P 500, Dow hit new intraday and closing record highs

* Investor focus shifts to BOE, earnings

* Indexes down: Dow 0.08 pct, S&P 0.17, Nasdaq 0.25 pct (Updates prices, changes byline)

By Rodrigo Campos

NEW YORK, July 13 (Reuters) - U.S. stocks ticked up on Wednesday, just enough for the S&P 500 and Dow industrials to set record highs, with investors expecting upbeat earnings to keep the rally going.

Following three days of strong gains on the back of economic data, focus has turned to Thursday's meeting at the Bank of England, expected to turn to quantitative easing as it tries to shield the economy from the fallout of Britain's vote last month to leave the European Union.

Continued support from monetary policies across the developed world and strong economic data in the United States have given investors a reason to bid growth-sensitive sectors of the stock market. This turn to cyclical stocks could help take the rally beyond the current record highs.

"The bias is to extend the current rally mainly because (U.S. economic) data that we've gotten so far has been supportive," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin.

He said the BOE and bank earnings will take the focus this week and the sectors more likely to post revenue surprises during the current earnings season are consumer discretionary, healthcare, industrials and materials.   Continuación...