BlackRock’s iShares funds top $6 trillion in assets
The S&P 500 rose 0.4% to 7,543.59 after flipping between modest gains and losses through the session. The Dow Jones Industrial Average added 150 points, or 0.3%, to 52,508.27, and the Nasdaq composite climbed 0.6% to 26,269.23.
BlackRock helped lead the market with a gain of 6.6%. The company behind some of the most popular investment funds reported stronger profit and revenue for the latest quarter than analysts expected. CEO Laurence Fink said its iShares funds topped $6 trillion in assets under management during the quarter, roughly doubling in three years.
Bank of New York Mellon rose 5.1% after adding to strong earnings reports from many of the biggest U.S. banks a day earlier. Cintas climbed 4.4% after the provider of office uniforms, restroom supplies and other products likewise delivered a better profit for the latest quarter than analysts forecast.
Those gains helped offset a drop for Elevance Health, which fell 8.5% even though it reported stronger profit and revenue than analysts expected.
The day’s move kept the S&P 500 within 0.5% of its all-time high set last month, as oil prices swung to their highest levels in a month because of the war with Iran.