Stocks were higher again today after upbeat earnings and signs that the Bank of England was prepared to launch stimulus efforts.
In a surprise move, the Bank of England left its key interest rate unchanged at 0.5% this morning. However, the central bank said they expect to further loosen policy in August after they have a clearer picture of the short-term impact the Brexit vote is having on the economy.
Initial unemployment claims were unchanged at 254,000 last week. The less volatile four-week moving average was off by 5,750 to 259,000.
The producer price index was up a larger-than-expected 0.5% in June from the previous month. Excluding food and energy prices, the index was up 0.3% in the month. On a year-over-year basis, overall prices were up 0.3%.
Stocks on the Move
Shares of JPMorgan Chase (JPM) rose 2.3% this morning after the bank reported better-than-expected results. Overall profit was down slightly year-over-year, but the firm’s total revenue and earnings per share were views as expenses fell and loans grew.
Yum Brands (YUM) posted upbeat results late Wednesday, powered by strong results in China. Management boosted full-year guidance and said they expected to complete the spin-off of the China business by the end of October. Shares rose 3.6% on the report.
Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.