Financials Up As Bulls Return - Financials Roundup

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Banks, lenders and other financial companies rose as investors jumped back into the stock market, buoying the coffers of brokers and money managers. Ryan Detrick, senior investment strategist at brokerage LPL Financial, said the earnings season was a big factor in the stock market's records. "We are looking at the first back-to-back quarters of double digit earnings growth since late '11 and this is now 22 consecutive quarters that earnings growth came in better than expected," said Mr. Detrick. "Looking under the surface reveals that the three main drivers of the solid earnings were energy, financials, and technology." But one strategist argued that the earnings streak looks vulnerable going into the second half of the year. "It will be more difficult for companies to achieve the same EPS growth in the second half, as the earnings recovery in the second half of 2016 is a higher hurdle," said Richard Turnill, global chief investment strategist for BlackRock, in a note to clients.

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-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

August 14, 2017 16:41 ET (20:41 GMT)