The Dow Jones Industrial Average closed up more than 300 points on Friday (Oct 15) and was its biggest weekly gain of percentage points since June. This was driven by the Goldman Company. Sachs posted strong third-quarter results, and the U.S. Commerce Department said retail sales rose more than expected in September.
The Dow Jones Industrial Average closed at 35,294.76, up 382.20, or +1.09%, the S&P 500 closed at 4,471.37, up 33.11, or +0.75%, and the Nasdaq 14,897.34, up 73.91, or +0.50%.
in the past week The Dow was up 1.6 percent, its biggest weekly gain since June 25, the S&P 500 was up 1.8 percent and the Nasdaq was up 2.2 percent.
Eight of the 11 S&P500 indexes closed higher, led by the luxury and financial sectors, which rose 1.76 percent and 1.51%, respectively, while the downtrend was led by utilities that were down 0.23%.
US stock markets were driven by strong earnings releases of listed companies. including the disclosure of better-than-expected US economic data
The US Commerce Department reported on Friday that Retail sales rose 0.7% in September, contrary to analysts’ expectations for a 0.2% drop, after a 0.9% gain in August.
Goldman Sachs revealed that The bank posted third-quarter profit and revenue that beat analyst expectations. This was driven by investment banking business.
Goldman Sachs reported earnings of $14.93 a share, beating analysts’ expectations of $10.18 a share.
In addition, Goldman Sachs earned $1361 billion. That was higher than analysts’ estimates of $1168 billion.
Goldman Sachs shares were up 3.8 percent and were the biggest boost to the Dow. Record-breaking merger activity has boosted Goldman Sachs’ profitability.
Banking stock indexes rose 2.1% after Bank of America and others. Strong earnings report this week.
Major U.S. financial institutions have started to release strong third-quarter results, while investors will continue to monitor the impact of supply chain disruptions. and higher costs, especially energy prices
Alcoa Corp shares rose 15.2 percent after reporting stronger-than-expected earnings, announcing a share buyback program. and announced the payment of dividends in cash
Crypto and Blockchain-Related Stocks Rise After Bitcoin hit $60,000 for the first time since April Blockchain shares closed up 6.6 percent.
But Moderna shares fell 2.3 percent behind the market on Wall Street. The journal reports that The US Food and Drug Administration (FDA) has delayed its decision to approve the COVID-19 vaccine. of Moderna and a group of teenagers To determine whether Moderna’s COVID vaccine increases the risk of myocardial infarction.
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