NEW YORK (AP) – U.S. stocks made slight gains in early trading as investors assessed earnings news and digested comments from Federal Reserve Chair Janet Yellen. Energy stocks fell with the price of oil as traders judged that Iran’s nuclear accord would lead to more oil on global markets.
KEEPING SCORE: The Standard & Poor’s 500 index rose one point, or 0.1 percent, to 2,110, as of 10:12 a.m. Eastern. The Dow Jones industrial average rose one point, or less than 0.1 percent, to 18,055. The Nasdaq composite climbed 14 points, or 0.3 percent, to 5,119.
BANK EARNINGS: Bank of America gained 46 cents, or 2.7 percent, to $17.60 after the lender said its profits more than doubled in the second quarter thanks to lower legal bills. The bank also said an increase in deposits, lower expenses and an improving balance sheet helped offset a decline in revenue. The earnings were better than analysts had forecast.
CHINA DATA: China’s economy expanded 7 percent in the April-June quarter, the slowest quarterly pace since the 2008 financial crisis but slightly above forecasts, suggesting stimulus measures are taking hold. Retail sales expanded in June at a slightly faster rate than May while factory output also improved from the previous month. The data came as the ruling Communist Party is struggling to reverse a stock market plunge that began early June and threatens to disrupt its economic reform plans.
ASIA’S DAY: China’s Shanghai Composite Index fell 3 percent and Hong Kong’s Hang Seng fell 0.3 percent. Japan’s Nikkei 225 added 0.4 percent.