US stocks rise again, finish with weekly gains
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.
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.
“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.
Subscribe to our business newsletter
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.