Stocks rallied out of the gate today with the Dow gaining 212 points on heavier trading volume to close at 24,573. Tensions eased over the Syrian situation and the gurus are focused on earnings reports.
Dominion Energy, the big electric and gas utility in Maryland, became the second US firm to start exporting LNG or Liquefied Natural Gas from the US. The company sent its first boatload of LNG via a Royal Dutch Shell vessel out of the Cove Point Terminal south of Washington D.C. to parts unknown. Future loads from the terminal will be sent to Japan as Tokyo Gas and Sumitomo Corp have signed a 20 year supply contract with Dominion.
Trucking and intermodal transportation company JB Hunt reported earnings today and the numbers were above estimates as revenue was up 20% while net income was higher by 34%. While driver wages were up the company benefited from higher volumes, higher contract rates and new customer growth.
Bank of America continues to make progress as net income was up 38% while revenue gained 9%. Bank of America said that loans and deposits were up while costs were down. Net interest income was up 13% thanks to rate hikes by the Fed. Global banking also did well as EU banks continue to struggle with balance sheet repairs while big US multinationals, flush with record reserves, pick up the slack.