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Wall Street ends up with Goldman; Dow posts biggest weekly rise since June | Malay Mail

Wall Street ends up with Goldman; Dow posts biggest weekly rise since June | Malay Mail

16/10/2021 7:53:00 AM

Wall Street ends up with Goldman; Dow posts biggest weekly rise since June | Malay Mail

NEW YORK, Oct 16 — US stocks rose yesterday and the Dow scored its biggest weekly percentage gain since June, as Goldman Sachs rounded out a week of strong quarterly earnings for the big banks. Goldman Sachs Group shares jumped 3.8 per cent and gave the Dow its biggest boost, as a record wave of...

channel for the latest updates.NEW YORK, Oct 16 — US stocks rose yesterday and the Dow scored its biggest weekly percentage gain since June, as Goldman Sachs rounded out a week of strong quarterly earnings for the big banks.Goldman Sachs Group shares jumped 3.8 per cent and gave the Dow its biggest boost, as a record wave of dealmaking activity drove a surge in the bank’s quarterly profit.

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Goldman’s report followed strong results from Bank of America and others this week. Banks were among the biggest positives for the S&P 500 on the day, and the index’s bank index climbed 2.1 per cent.Results from big financial institutions provided a strong start to third-quarter US earnings, though investors will still watch in coming weeks for signs of impacts from supply chain disruptions and higher costs, especially for energy.

Forecasts now call for third-quarter S&P 500 earnings to show a 32 per cent rise from a year ago. The latest forecast, based on results from 41 S&P 500 companies and estimates for the rest, is up from 29.4 per cent at the start of October, according to IBES data from Refinitiv. headtopics.com

“We’re starting to get into an earnings-driven rally here that I hope lasts. We’ll really see the results in the next couple of weeks as a great bulk of companies in all sectors report,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

Alcoa Corp shares surged 15.2 per cent after the aluminum producer reported stronger-than-expected results, announced a US$500 million (RM2 billion) buyback programme and initiated a quarterly cash dividend.The Dow Jones Industrial Average rose 382.2 points, or 1.09 per cent, to 35,294.76, the S&P 500 gained 33.11 points, or 0.75 per cent, to 4,471.37 and the Nasdaq Composite added 73.91 points, or 0.5 per cent, to 14,897.34.

The Dow jumped 1.6 per cent for the week, its biggest weekly percentage gain since June 25. The S&P 500 had its strongest weekly advance since July 23.The US Commerce Department reported a surprise rise in retail sales in September, although investors still worried that supply constraints could disrupt the holiday shopping season. A preliminary reading for consumer sentiment in October came in slightly below expectations.

Moderna Inc shares fell 2.3 per cent. A Wall Street Journal report, citing people familiar with the matter, said the US Food and Drug Administration is delaying its decision on authorising Moderna’s Covid-19 vaccine for adolescents to check if the shot could increase the risk of heart inflammation. headtopics.com

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On Thursday, Moderna shares jumped when an FDA panel voted to recommend booster shots of its Covid-19 vaccine for Americans aged 65 and older and high-risk people.Shares of cryptocurrency and blockchain-related firms gained as bitcoin hit US$60,000 for the first time since April. Riot Blockchain ended up 6.6 per cent.

Advancing issues outnumbered declining ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favoured decliners.The S&P 500 posted 57 new 52-week highs and no new lows; the Nasdaq Composite recorded 124 new highs and 59 new lows.Volume on US exchanges was 9.83 billion shares, compared with the 10.5 billion average for the full session over the last 20 trading days. — Reuters

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