Markets Right Now: Stocks end week of gains at record highs

Markets Right Now: Stocks end week of gains at record highs

United States stocks were modestly higher in afternoon trading on Friday, as declines in health care stocks were offset by gains in technology, consumer discretionary and industrial company stocks.

Shares of Deutsche Bank rose almost 0.5 percent, after Swiss investment bank UBS upgraded the German bank from "sell" to "neutral", saying the latter's restructuring plan would be backed by home regulator, which led to a more "balanced risk/reward" scenario.

Ford climbed 2.9% after announcing a deal with Volkswagen to share the cost of developing self-driving and electric vehicles.

Shares of pharmacy benefit managers gained as the news meant these companies would continue to benefit from after-market discounts from drugmakers.

Johnson & Johnson shares slid 4.1% after Bloomberg reported that the U.S. Justice Department is pursuing a criminal probe into whether the healthcare conglomerate lied about potential cancer risks of its talcum powder.

At 12:51 p.m. ET, the Dow Jones Industrial Average was up 197.97 points, or 0.74%, at 27,058.17, the S&P 500 was up 6.58 points, or 0.22%, at 2,999.65 and the Nasdaq Composite was up 15.21 points, or 0.19%, at 8,217.74. The Nasdaq composite gave up an early gain, sliding 0.1% to 8,196.04, while the Russell 2000 index of smaller company stocks dropped 0.5% to 1,557.92.

Bond prices rose. The yield on the 10-year Treasury fell to 2.11%.

Nonetheless, during Thursday's (July 11th) intra-day trading in Wall St., both Dow Jones Industrial Average and Standard & Poor 500 futures extended their rallies to record highs, after Trump administration had slumped a plan aimed at ramping up prescription drug prices, which eventually resulted in an upsurge of health insurers, while financials were lifted along with bond yields.

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Chipmaker Nvidia climbed 4.5% and Goldman Sachs rose 1.8%.

Traders also weighed a mix of corporate earnings reports, Delta Air Lines and aviation maintenance company Air notched gains after their latest quarterly results topped Wall Street's forecasts.

It was the first time the Dow crossed the 27,000-point threshold and the second consecutive session where the S&P burst through the 3,000-point barrier before retreating at the closing bell.

The Dow rose 203 points, or 0.8%, to 27,062.

New government data released Thursday showed consumer prices rose in June from a year earlier.

Stocks are opening broadly higher on Wall Street led by gains in technology and communications companies.

Regional investors were watching for Chinese trade data due out later Friday. Other chipmakers also rose.

On the economic front, US producer price index rose 0.1 percent in June, the same increase as in May, said the Bureau of Labor Statistics on Friday.

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