Morning Report 18 Jul 22: US sharemarkets posted firm gains on Friday

Shares in Citigroup rose 13.2% after its profit beat expectations. And shares in Wells Fargo rose 6.2% after its earnings result. The S&P Banking index jumped 5.8% - its biggest one-day gain since January 2020. The Dow Jones index rose by 658 points or 2.2%, the S&P 500 index lifted 1.9%. And the Nasdaq index added 201 points or 1.8%. Over the week, the Dow lost 0.2%; the S&P 500 lost 0.9%; and the Nasdaq fell by 1.6%.

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