United States shares build on record closes

The S&P 500 Index (SPX – 2,161.74) edged 2 points, or 0.1%, lower, but notched an all-time best of 2,169.05 and gained 1.5% on the week. The rebound rally has been driven in large pary by a realization that global central bankers will further stimulate economies to offset the fallout and uncertainty caused by Britiain’s surprise vote to leave the single-market European Union.

“The instability in the region probably puts a bit more focus on the U.S.as a safe-haven environment”, said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama, on the attempted uprising in Turkey.

Stocks are falling in afternoon trading Friday after a five-day winning streak that sent major indexes to record highs.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.9 percent, on track to gain more than 5 percent for the week in which it pushed to levels not seen since November.

A stronger than expected report on United States retail sales helped boost confidence among investors.

The Wall Street advance came despite a shocking attack on a crowd in Nice, France, that killed at least 84 people late Thursday. Excluding accounting adjustment and legal benefit, earnings were $1.55 per share or 12 cents higher-than-expectations.

Celgene rose 1.9 percent to $103.4 after the European Commission approved its flagship multiple myeloma drug for another indication and Stifel initiated coverage with a “buy” rating. Shares of J.P. Morgan Chase & Co (http://www.marketwatch.com/story/jp-morgan-profit-falls-but-beats-estimates-2016-07-14).(JPM) closed up 1.5% as it kicked off earnings for the biggest banks in the US with stronger-than-expected quarterly results. Cruise companies Carnival and Norwegian Cruise Lines lost 2.2 percent and 3.7 percent, respectively, while Priceline fell 1.2 percent.

Japan’s Nikkei Stock Average closed up 0.7%, while the yen fell 0.4% against the dollar at ¥105.6. Southwestern Energy was the biggest gainer in the S&P 500, soaring $1.47, 11 percent, to $14.37.

In economic news, June retail sales in the USA rose a solid 0.6%, well above the 0.1% rise expected. On the Nasdaq, 1,372 issues rose and 1,318 fell.

Bond yields move inversely to prices.

In commodities, oil prices traded slightly higher after a volatile week.

Benchmark 10-year Treasury yields hit a three-week high of 1.601 percent after the US data added to expectations the Fed may raise rates again this year.

Oil prices gave up some of their overnight gains in early trading, after rising 2 percent on Thursday as traders covered short positions after data showing weak US fuel demand. France’s CAC 40 was down 0.2%.