Dow Win Streak Continues After Goldman Sachs Earnings

(Image credit: Bloomberg/Getty Images)

published 19 July 2023

Stocks opened higher Wednesday as Wall Street cheered an encouraging inflation report from overseas. Investor sentiment also got a lift from the latest round of corporate earnings reports, particularly those coming from the financial sector, which helped the Dow Jones Industrial Average extend its longest daily winning streak in almost four years.

Data from the U.K. overnight showed inflation rose 7.9% in June, below the 8.7% increase seen in May and less than economists were expecting. Core inflation, which excludes volatile food and energy prices, at 6.9%, also came in below estimates, as well as the previous month's 7.9% reading.

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"The big banks saved the worst earnings report for last," Moya says. "This was a bad quarter for Goldman Sachs and that should not have come as a surprise considering how equity capital markets have been and the slowdown Wall Street has seen with M&A." However, the blue chip stock managed to close 1.0% higher as "optimism remains for more initial public offerings (IPOs) and dealmaking," the strategist notes.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.