Stock prices almost rose during Friday’s trading, extending the rise seen during Thursday’s session. The Dow and S & P 500 continued to rise, hitting a month-long high.
The Dow was above the corresponding, but all major averages were definitely positive. The Dow rose 382.20 points (1.1%) to 35,294.76, the Nasdaq rose 73.91 points (0.5%) to 14,897.34, and the S & P 500 rose 33.11 points (0.1%) to 4,471.37.
With the progress seen in the last few sessions, the key average was more than offsetting the slump seen at the beginning of the week. This week, the Nasdaq rose 2.2% and the Dow and S & P 500 rose 1.6% and 1.8%, respectively.
Another batch of bright earnings news contributed to Wall Street’s continued strength, with financial giant Goldman Sachs (GS) making strong profits after reporting far better third-quarter results than expected. I recorded it.
Alcoa’s (AA) share also surged after aluminum producers reported third-quarter results and exceeded analysts’ expectations.
Buying motivation was also generated in response to a report from the Commerce Department showing an unexpected increase in US retail sales in September.
According to the report, retail sales rose 0.7% in September after a 0.9% surge, which was revised upward in August.
Continued sales growth was a surprise to economists who expected retail sales to decline 0.2% compared to the 0.7% increase initially reported last month.
Excluding sales from auto and parts dealers, retail sales rose 0.8% in September after a 2.0% surge, which was revised upward in August.
Economists expected non-automobile sales to increase 0.5% compared to the 1.8% surge initially reported last month.
According to another report from the Ministry of Labor, US import prices fell below expectations in September.
The Ministry of Labor said import prices fell 0.3% in August and then rose 0.4% in September. Economists expected import prices to rise by 0.6%.
The report also showed export prices rising 0.1% in September after rising 0.4% last month. Export prices were also expected to rise by 0.6%.
Meanwhile, traders shrugged off reports from the University of Michigan, unexpectedly showing a gradual deterioration in US consumer sentiment in October.
The report showed that the consumer sentiment index fell from 72.8 in September to 71.4 in October. This decline surprised economists who expected the index to rise to 73.1.
Oil services stocks rose sharply on the day, benefiting from a sharp rise in crude oil prices.
Crude oil delivered in November jumped from $ 0.97 a barrel to $ 82.28, and the Philadelphia Oil Services Index rose 2.1% to its highest level in three months.
There was also significant power among transport stocks, as reflected in the 1.7% rise in the Dow Jones Transportation Average. The average reached its highest closing price in four months.
Retail stocks also showed strong performance following bright retail sales data, boosting the Dow Jones US Retail Index by 1.6%.
Both the KBW Bank Index and the NYSE Arca Broker / Dealer Index rose 1.4% on the day, and financial stocks also showed remarkable strength.
Charles Schwab (SCHW), along with Goldman Sachs, helped lead the sector higher after reporting better results than expected in the third quarter.
In overseas transactions, stocks market During the trading on Friday, the Asia Pacific region as a whole rose almost. Japan’s Nikkei 225 Index rose 1.8% and China’s Shanghai Composite Index rose 0.4%.
On that day, major European markets also started to rise. Germany’s DAX index rose 0.8%, while France’s CAC 40 index and UK’s FTSE 100 index rose 0.6% and 0.4%, respectively.
In the bond market, government bonds have receded after they have been on the rise in the last few sessions. As a result, yields on benchmark 10-year bonds, which move in the opposite direction of price, rose 5.7 basis points to 1.576%.
Johnson & Johnson (JNJ), Procter & Gamble (PG), Travelers (TRV), Netflix (NFLX), Verizon (VZ), IBM Corp. (IBM), Tesla (TSLA), AT & T (T) And Intel (INTC) are included in many well-known companies for reporting quarterly results.
Along with the Federal Reserve Board’s Beige Book, reports on industrial production, home launches, and existing home sales could be highlighted next week.
Contact for comments and feedback: email@example.com
U.S. Firmly Positive with Bright Revenue, Retail Sales Data
Source link U.S. Firmly Positive with Bright Revenue, Retail Sales Data