At the New York Stock Exchange (NYSE) on the 14th (Eastern Time), the Dow Jones Industrial Average closed at 34,912.56, up 534.75 points (1.56%) from the previous day.
The Standard & Poor’s (S&P) 500 index rose 74.46 points (1.71%) to 4438.26, up 74.46 points (1.71%) from the battlefield, and the Nasdaq index, which focuses on technology stocks, finished trading at 14,823.43, up 251.79 points (1.73%) from the battlefield.
Investors watched corporate earnings reports, weekly unemployment indicators, and producer prices.
Prior to the opening on the same day, the third quarter results of Bank of America (BOA), Morgan Stanley, Citigroup, Wells Fargo, Walgreens Boots Alliance and United Health were announced.
The earnings of most banks, including BOA and Morgan Stanley, exceeded market expectations.
Shares of BOA and Morgan Stanley rose more than 4% and 2%, respectively, while Citigroup shares rose 0.8% and Wells Fargo shares fell more than 1%.
The earnings of United Health and Walgreens Boots Alliance, which are included in the Dow, also showed better-than-expected growth, improving investor sentiment.
Walgreens is up more than 7% on the day, and United Health is up more than 4%.
According to Credit Suisse, the net earnings of S&P 500-listed companies that have announced earnings so far have exceeded expectations by an average of 11%.
In addition, all eight companies that announced corporate earnings on the same day reported earnings that exceeded Wall Street’s expectations.
Weekly unemployment insurance claims fell below 300,000 for the first time since the pandemic, raising hopes for an economic recovery.
The U.S. Department of Labor reported that the number of claims for unemployment insurance in the week ending March 9 was 293,000, down 36,000 on a seasonally adjusted basis from the previous week.
This is lower than the 318,000 expected by experts compiled by the Wall Street Journal (WSJ) and the lowest since 256,000 recorded on March 14 last year.
The less volatile four-week moving average of unemployment insurance claims was 333,250, down 10,500 from the previous week. This is also the lowest level since March 14 last year.
Producer prices rose below Wall Street’s expectations.
The Producer Price Index (PPI), released by the U.S. Department of Labor for September, rose 0.5% from the previous month. The Wall Street Journal (WSJ) analysts had predicted a 0.6% gain. The August figure was unchanged from the 0.7% gain.
Producer price growth rate slowed for two consecutive months compared to the previous month, but it rose 8.6% from the previous year, breaking the highest level since data collection in 2010.
Excluding food and energy, the core PPI for September rose 0.2% from the previous month, below the 0.5% increase expected by the market. Core PPI rose 0.6% in the previous month. The core PPI for September rose 6.8% from the same period last year.
By industry, all 11 sectors rose, technology and materials-related stocks rose more than 2%, and industry, telecommunication, and health-related stocks rose more than 1%.
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