Wall St climbs on strong Goldman earnings and retail sales data

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Traders work on the floor of the New York Stock Exchange (NYSE) in New York, United States, October 12, 2021. REUTERS / Brendan McDermid

  • Airlines and cruise lines jump on easing US travel restrictions
  • Retail sales up 0.7% in September despite shortages
  • Goldman Sachs Advances on Strong Third Quarter Earnings
  • Rising indices: Dow 0.57%, S&P 0.42%, Nasdaq 0.24%

October 15 (Reuters) – US stocks rose on Friday and major indices were set for weekly gains after Goldman Sachs capped a strong earnings season for big banks, as a surprise surge in retail sales sparked optimism about the economic recovery.

Goldman Sachs (GS.N) gained 1.5% as a record wave of trading activity drove the bank’s quarterly profits up. Read more

Other major lenders including JPMorgan (JPM.N), Morgan Stanley (MS.N) and Wells Fargo (WFC.N) rose between 0.6% and 2.9%. The banking index (.SPXBK) gained 0.8%, following higher yields on 10-year Treasuries.

Ten of the top 11 S&P sectors advanced in early trading, with economically sensitive energy (.SPNY), finance (.SPSY) and industrials (.SPLCRI) increasing the most.

Strong results at large financial institutions diverted attention from concerns about soaring commodity prices and supply chain disruptions that fueled market volatility earlier this month.

A Commerce Department report showed retail sales rose unexpectedly in September, but supply constraints are feared disrupting the holiday shopping season amid continued shortages of motor vehicles and supplies. other goods. Read more

“Everyone knows these supply chain issues will last a little longer, but considering how strong the earnings have been, there is good reason to be optimistic that the continued performance will be positive. dynamics of the economy, “said Edward Moya, senior. market analyst at OANDA.

At 9:42 a.m. ET, the Dow Jones Industrial Average (.DJI) was up 199.48 points, or 0.57%, to 35,112.04, the S&P 500 (.SPX) was up 18.53 points, or 0.42%, to 4,456.79, and the Nasdaq Composite (.IXIC) rose 35.82 points, or 0.24%, to 14,859.25.

Meanwhile, the White House has announced that it will lift travel restrictions for fully vaccinated foreign nationals effective November 8, at land borders and for air travel. Read more

The S&P 1500 Airlines Index (.SPCOMAIR) jumped 1.5%, while cruise lines Carnival Corp (CCL.N), Royal Carribean (RCL.N) and Norwegian Cruise Line Holdings (NCLH.N) gained between 1.9% and 2.1%.

This week’s shift to rate-sensitive growth names such as Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O), Apple Inc (AAPL.O) and Google Parent Alphabet (GOOGL.O) continued, with their stocks skyrocketing.

Moderna Inc (MRNA.O) rose 1.2% after a U.S. FDA panel voted to recommend booster shots of its COVID-19 vaccine for Americans 65 years of age and older and those with high risk. Read more

Western Digital (WDC.O) slipped 1.6% as Goldman Sachs lowered the storage hardware maker’s inventory to “neutral” from “buy.”

Shares of cryptocurrency and blockchain-related companies Coinbase Global (COIN.O), China-based SOS, MicroStrategy Inc (MSTR.O), Marathon Digital (MARA.O), and Riot Blockchain (RIOT.O) rose between 3.7% and 7.8% as bitcoin hit $ 60,000 for the first time since April. Read more

Rising issues outnumbered declines by a 2.85 to 1 ratio on the NYSE and a 1.91 to 1 ratio on the Nasdaq.

The S&P Index recorded 43 new 52-week highs and no new lows, while the Nasdaq recorded 92 new highs and eight new lows.

Reporting by Devik Jain in Bengaluru and Federica Urso in Gdansk; Editing by Anil D’Silva and Arun Koyyur

Our standards: Thomson Reuters Trust Principles.


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