US stocks rise again, finish with weekly gains | Inquirer Business
Close  

US stocks rise again, finish with weekly gains

/ 06:59 AM October 16, 2021
wall street

 (AFP)

NEW YORK – Wall Street stocks scored another winning session Friday following good economic data and earnings, concluding a positive week on a strong note.

US retail sales posted a surprise 0.7 percent increase in September, according to government data, pushed by broad gains that extended beyond gasoline and autos.

ADVERTISEMENT

The better-than-expected report, coupled with strong earnings from Goldman Sachs, lifted stocks further after major indices surged more than 1.5 percent on Thursday.

“The US economy has lost some luster, but demand appears resilient in the face of lingering supply-chain disruptions,” said Greg Daco of Oxford Economics.

FEATURED STORIES

“With the health situation having improved considerably over the past few weeks, consumer spending is firming and high-frequency data points to an acceleration in employment growth.”

The broad-based S&P 500 finished at 4,471.37, up 0.8 percent for the day and about 1.8 percent for the week.

The Dow Jones Industrial Average gained 1.1 percent to close at 35,294.76, while the tech-rich Nasdaq Composite Index advanced 0.5 percent to 14,897.34.

Among individual companies, Goldman Sachs jumped 3.8 percent after reporting a 63 percent jump in third-quarter profits to $5.3 billion behind robust gains in its financial advisory and trading divisions.

The Goldman results capped a series of reports from other large banks that reported higher profits amid improving macroeconomic conditions.

gsg

Subscribe to our business newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Stock Market, US stocks, Wall Street
For feedback, complaints, or inquiries, contact us.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2021 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.