By Yasin Ebrahim
Investing.com – S & P 500 soared Thursday. This is underpinned by the power of technology and bright quarterly revenue from major Wall Street banks.
It rose 1.6%, rose 1.5%, rose 507 points, and rose 1.7%.
High-tech stocks were boosted by a surge in semiconductor stocks with bright quarterly earnings and guidance from chips.
Taiwan Semiconductor Manufacturing (NYSE :) reported that third-quarter results were better than expected and talked about the surge in demand for products and services after higher-than-expected revenue in the fourth quarter.
Semi-sentiment was also boosted by a report from DigiTimes suggesting that Apple’s new iPhone component supplier hasn’t seen a decline in orders so far this year.
This is in contrast to Bloomberg’s report earlier this week, which shows that Apple can reduce its 2021 iPhone production target.
Other chip stocks such as NVIDIA (NASDAQ :), Marvell Technology (NASDAQ :) and ASML (NASDAQ :) increased by more than 3%, pushing up iShares Semiconductor ETF (NASDAQ :) by nearly 3%.
High tech was supported by the Treasury’s lower yields, as the 10-year yield fell further into the red as it remained below 1.6%, as well as a boost from the cicadas.
Apple (NASDAQ :), Google’s parent alphabet (NASDAQ :), Facebook (NASDAQ :), Microsoft (NASDAQ :), Amazon (NASDAQ :) were green.
Treasury has been glorified with quarterly explosive results from major Wall Street banks.
Bank of America (NYSE :), Wells Fargo (NYSE :), Morgan Stanley (NYSE :) and Citigroup (NYSE :) Everything reported beats on both the top and bottom lines.
Bank of America led the pack by more than 4% after reporting record advisory and asset management fees in the third quarter.
Meanwhile, UnitedHealth Group Incorporated (NYSE :), a key component of Dow Jones, reported better-than-expected quarterly results due to the surge in earnings from the Optum Pharmaceutical Benefits division. Its share has risen by more than 4%.
Sentiment in the wider market was also helped by data showing inflationary pressure relief and unemployment benefits, which fell below 300,000 for the first time since the pandemic began.
It fell from 36,000 to 293,000, below the economists of the week ending October 9. It is predicted to drop to 320,000.
Although it was a 0.5% rise, slower than the expected 0.6% rise, Pantheon Macroeconomics said, “It’s too early to know if this marks the end of the price hike caused by a tip shortage.” rice field.
In other news, Coinbase Global (NASDAQ :) Cryptocurrency has recovered, so it surged 5%. The exchanged cryptocurrencies have also issued a proposal urging Congress to pass legislation to create new regulatory agencies to control cryptocurrencies.
Under the proposal, regulatory agencies have the authority to approve cryptocurrencies other than Bitcoin and Ethereum for listing or trading in the United States.
S & P 500 rises in chip-led rally, bullish bank earnings from Investing.com
https://www.investing.com/news/stock-market-news/sp-500-gains-amid-chipled-rally-bullish-bank-earnings-2644302 S & P 500 rises in chip-led rally, bullish bank earnings from Investing.com