Retail sales were up 0.7% in September, despite shortages.
Goldman Sachs rises on strong third-quarter earnings New throughout, updates prices, market activity and comments to close NEW YORK, Oct. 15 Reuters : U.S. stocks ended higher on Friday after Goldman Sachs became the latest major bank to report strong quarterly earnings and Wall Street's three major indexes posted gains for the week.
Goldman Sachs Group shares jumped, giving the Dow its biggest boost, as a record wave of transaction activity drove a surge in the bank's quarterly profit.
Other big investors also rose and were among the biggest positives at the S&P 500. The index's bank index ended sharply higher.
The results from the big financial institutions this week have provided a strong start to third quarter U.S. earnings, though investors will still watch for signs of impacts from supply chain disruptions and higher costs, particularly for energy.
Forecasts call for the S&P 500 earnings to show a 32% rise from the third quarter of last year. The latest forecast, based on results from 41 of the S&P 500 companies and estimates for the rest, is up from 29.4% at the start of October, according to IBES data from Refinitiv.
I hope we're into an earnings rally that takes longer than expected. We'll really see the results in the next couple of weeks as a great bulk of companies report in all sectors, said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
Alcoa Corp shares had surged after the aluminum producer reported stronger than expected results, initiated a $500 million buyback program and reported a quarterly cash dividend.
According to preliminary data the S&P 500 gained 33.35 points, or 0.75%, to end with 4,471, and ended at 4,350. 61 points, while Nasdaq composite gained 73.55 points, or 0.50%, to 14,896. The Dow Jones Industrial Average was raised by 384.83 points or 1.10% to 35,297. The U.S. 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 of consumer sentiment in October came below expectations.
Some airline and other travel-related company shares jumped higher, with the White House announcing it will lift travel restrictions for fully-vaccinated foreign nationals effective Nov. 8.
Moderna Inc's shares were lower. A Wall Street Journal report, citing people familiar with the matter, said the U.S. Food and Drug Administration was delaying its decision to authorize Moderna's COVID - 19 vaccine for adolescents to check if the shot could increase the risk of heart inflammation.
On Thursday, an FDA panel voted to recommend booster shots of its COVID-19 vaccine for seniors and elderly adults and high-risk people.
Shares of Bitcoin and blockchain related firms including Riot Blockchain acquired as bitcoin hit $60,000 for the first time since April.