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Dow extends seven-day winning streak

Xinhua, July 19, 2016 Adjust font size:

U.S. stocks closed higher on Monday, with the Dow Jones Industrial Average rising for the seventh consecutive day and setting its new closing high, as investors cheered better-than-expected corporate earnings.

The Dow Jones Industrial Average was up 16.50 points, or 0.09 percent, to 18,533.05. The S&P 500 gained 5.15 points, or 0.24 percent, to 2,166.89. The Nasdaq Composite Index rose 26.20 points, or 0.52 percent, to 5055.78.

Bank of America on Monday reported quarterly net income of 4.2 billion U.S. dollars, or 36 cents per diluted share, beating analysts' estimates. Revenues for the giant commercial bank came in at 20.6 billion dollars. Its shares jumped 3.29 percent to close at 14.11 dollars apiece Monday.

Tons of the biggest U.S. companies will report quarterly results this week.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the second quarter of 2016 are expected to decrease 4.5 percent year on year, while the revenues are forecast to decline 0.8 percent.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, decreased 1.82 percent to end at 12.44 on Monday.

U.S. stocks posted solid gains for the last week, with the Dow Jones Industrial Average and the S&P 500 refreshing their record highs for several times, as concern about a global economic slowdown in a post-Brexit environment receded amid an array of generally upbeat economic reports.

On a weekly basis, all three major indices posted solid gains, with the Dow, the S&P 500 and the Nasdaq going up 2.0 percent, 1.5 percent and 1.5 percent, respectively. Enditem