US banks push Wall Street into positive territory – Nasdaq and S&P 500 mark new highs for the year

new York Earnings jumps at major banks JPMorgan and Wells Fargo have lifted sentiment among US equity investors. However, the institutes’ cautious outlook dampened their buying mood again. The US standard value index Dow Jones closed 0.3 percent higher on Friday at 34,509 points. The tech-heavy Nasdaq fell 0.2 percent to 14,113 points. The broad S&P 500 lost 0.1 percent to 4505 points. S&P and Nasdaq each opened their highest level in more than a year.

JPMorgan and Wells Fargo have presented strong numbers, said Robert Pavlik, portfolio manager at wealth manager Dakota Wealth. “But the comments during the conference calls have been a little cautious, which doesn’t give people enough reason to say, ‘I have to buy this stock today.'”