US close: Markets finish at record levels as BoE stands pat

Equities in the United States closed at new record levels on Thursday, after the Bank of England hinted at a loosening of monetary policy in August, and as the markets were in the thick of the new earnings season.

The Dow Jones Industrial Average closed at an all-time high of 18,506.41, up 0.73%, while the S&P 500 also set a record 2,168.99, adding 0.53%, and the Nasdaq hit its best level of the year, adding 0.57% to 5,034.06.

The UK’s central bank stood pat on interest rates, against market expectations for a 25 basis point cut to 0.25%, which would have been the first rate cut in seven years.

“In the absence of a further worsening in the trade-off between supporting growth and returning inflation to target on a sustainable basis, most members of the committee expect monetary policy to be loosened in August,” read the central bank’s meeting minutes.

Analysts saw this as the bank attempting to keep markets calm and stable.

“I certainly think the Bank of England did the right thing by keeping their powder dry. If they need to ease, they can do it,” said BMO Private Bank chief investment officer Jack Ablin.

In a speech, Atlanta Fed president Dennis Lockhart said the Fed needed to be patient with Brexit and general uncertainty plaguing the markets.

Kansas City Fed president said in another speech that the US economy was “relatively resilient”, with St Louis Fed president James Bullard and Dallas Fed president Robert Kaplan scheduled to speak later on Thursday.

Oil prices rebounded during US trading, with West Texas Intermediate adding 1.58% to $45.47 per barrel and Brent crude last up 1.93% to $47.17

Earnings season in New York continued, with JPMorgan Chase coming in ahead of expectations and BlackRock in line with estimates.

Shares in JPMorgan were ahead late in the session, while BlackRock was trading just below the line.

The Dow transports were 1% higher, led by United Airlines and American Airlines and underpinned by Delta and CSX, which posted better-than-expected quarterly results this week.

Japan-based social networking company Line made its New York debut on Thursday at $42 per share.

The Tokyo firm jumped more than 30% after the offering, and settled 26.6% higher to become the sixth best debut in 2016 so far.

Another round of earnings is due on Friday, with Citigroup, US Bancorp and Wells Fargo ahead of the opening bell.

S&P 500 - Risers
Williams Companies Inc. (WMB) $23.60 +6.16%
MetLife Inc. (MET) $42.38 +4.69%
Lincoln National Corp. (LNC) $42.87 +4.66%
Qorvo, Inc. (QRVO) $59.31 +4.66%
United Continental Holdings Inc. (UAL) $47.85 +4.34%
American Airlines Group (AAL) $35.88 +4.15%
eBay Inc. (EBAY) $26.08 +3.82%
Delta Airlines Inc. (DAL) $40.98 +3.59%
CF Industries Holdings Inc. (CF) $27.87 +3.53%
Chesapeake Energy Corp. (CHK) $4.50 +3.45%

S&P 500 - Fallers
NRG Energy Inc. (NRG) $15.31 -3.53%
Southwestern Energy Co. (SWN) $13.47 -3.51%
Wynn Resorts Ltd. (WYNN) $92.02 -3.01%
Range Resources Corp. (RRC) $43.02 -2.43%
Molson Coors Brewing Co. Class B (TAP) $98.76 -2.41%
Omnicom Group Inc. (OMC) $83.12 -2.17%
Seagate Technology Plc (STX) $29.19 -2.15%
Essex Prty Trust Inc. (ESS) $229.54 -2.01%
Perrigo Company plc (PRGO) $93.63 -1.95%
Cabot Oil & Gas Corp. (COG) $25.21 -1.91%

Dow Jones I.A - Risers
Goldman Sachs Group Inc. (GS) $162.54 +2.93%
Apple Inc. (AAPL) $98.79 +1.98%
Pfizer Inc. (PFE) $36.92 +1.68%
JP Morgan Chase & Co. (JPM) $64.12 +1.52%
International Business Machines Corp. (IBM) $160.28 +1.43%
E.I. du Pont de Nemours and Co. (DD) $66.86 +1.17%
Boeing Co. (BA) $131.55 +1.11%
3M Co. (MMM) $180.90 +0.94%
McDonald's Corp. (MCD) $123.93 +0.90%
Visa Inc. (V) $78.14 +0.88%

Dow Jones I.A - Fallers
Unitedhealth Group Inc. (UNH) $140.84 -0.45%
Verizon Communications Inc. (VZ) $55.84 -0.29%
Coca-Cola Co. (KO) $45.69 -0.11%
Procter & Gamble Co. (PG) $85.87 -0.02%

Nasdaq 100 - Risers
American Airlines Group (AAL) $35.88 +4.15%
eBay Inc. (EBAY) $26.08 +3.82%
Liberty Global plc Series A (LBTYA) $31.61 +3.47%
Skyworks Solutions Inc. (SWKS) $67.39 +3.12%
Liberty Global plc Series C (LBTYK) $30.91 +2.59%
Walgreens Boots Alliance, Inc. (WBA) $83.78 +2.46%
Autodesk Inc. (ADSK) $58.16 +2.27%
Biomarin Pharmaceutical Inc. (BMRN) $89.03 +2.19%
Broadcom Limited (AVGO) $160.79 +2.15%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $255.11 +1.99%

Nasdaq 100 - Fallers
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $42.77 -2.75%
Seagate Technology Plc (STX) $29.19 -2.15%
Nxp Semiconductors Nv (NXPI) $79.58 -1.36%
Mattel Inc. (MAT) $32.92 -0.96%
NetApp Inc. (NTAP) $25.29 -0.86%
Lam Research Corp. (LRCX) $87.88 -0.84%
Kraft Heinz Co. (KHC) $88.34 -0.76%
Symantec Corp. (SYMC) $20.94 -0.76%
Activision Blizzard Inc. (ATVI) $41.85 -0.62%
Whole Foods Market Inc. (WFM) $33.58 -0.53%