Business & Investment

Dow Jones Industrial Average: Wall Street Tracks Strong Bank Earnings, Weekly Profit On Retail Sales Data

After Goldman Sachs ended the strong earnings season for major banks, US stocks rose on Friday and key indices were set to rise weekly.

Goldman Sachs rose 2.7% as a wave of record trading activity surged banks’ quarterly profits.

Other major lenders, including JP Morgan, Morgan Stanley and Wells Fargo, rose between 0.9% and 6.9%. The bank index rose 1.6%, tracking a 10-year Treasury yield rise.

Eight of the 11 major S & P sectors have advanced. At financial and consumer discretion, more than 1% has been added to expand the new peak.

The Russell 2000 Index for small caps rose 0.7%, setting the highest week since late August.

The strong results of major financial institutions have removed focus from concerns about US defaults, rising commodity prices and supply chain disruptions that fueled market volatility earlier this month.

Josh Wayne, Hennessy’s Portfolio Manager, said: Funds.

According to a report by the Ministry of Commerce, retail sales in September increased unexpectedly, partly due to rising prices, but preliminary consumer sentiment in October was slightly below expectations.

“Christmas is really a test of the supply chain. We will know how close the ground, consumers, supply chain and labor markets are,” Wine said.

11:51 am (Eastern Time), Dow Jones The average of 30 industrial stocks rose 274.81 points (0.79%) to 35,187.37.

The S & P 500 rose 23.64 points (0.53%) to 4,461.90, tracking the best week since late July. Nasdaq Composite Index It rose 41.43 points, or 0.28 percent, at 14,864.86, which was set for the best weekly performance since late August.

Meanwhile, the White House announced on November 8 that it will lift travel bans and air travel restrictions for fully vaccinated foreigners at the border.

The S & P 1500 Airlines index rose 0.9%, while cruise operators Carnival Corporation, Royal Caribbean and Norwegian Cruise Line Holdings rose 1.1% to 1.5%.

Moderna Inc rose 1.3% after the US FDA panel on Thursday decided to recommend booster shots of the COVID-19 vaccine to high-risk people over the age of 65.

Western Digital fell 1.1% as Goldman Sachs downgraded the stock price of storage hardware makers from “buy” to “neutral.”

Cryptocurrency and blockchain companies Riot Blockchain, Coinbase Global, MicroStrategy Inc and Marathon Digital’s share increased from 2.5% to 7.2% as Bitcoin reached $ 60,000 for the first time since April.

The problem to move forward was 2.21 to 1 on the New York Stock Exchange and 1.48 to 1 on Nasdaq, outpacing the decline.

The S & P index recorded 51 new 52-week highs and no new lows, while Nasdaq recorded 108 new highs and 31 new lows.

Dow Jones Industrial Average: Wall Street Tracks Strong Bank Earnings, Weekly Profit On Retail Sales Data

https://economictimes.indiatimes.com/markets/stocks/news/wall-street-tracks-weekly-gains-on-strong-banks-earnings-retail-sales-data/articleshow/87056083.cms Dow Jones Industrial Average: Wall Street Tracks Strong Bank Earnings, Weekly Profit On Retail Sales Data

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