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Tags: financial markets | earnings | middle east

Wall Street Ends up on Earnings Optimism

Wall Street Ends up on Earnings Optimism
New York Stock Exchange (AP)

Monday, 16 October 2023 04:13 PM EDT

U.S. stocks ended sharply higher Monday as investors were optimistic about the start of earnings season, with transportation shares advancing.

Investors were monitoring the Israeli war in Gaza, but appeared to be taking more of a risk-on stance, with safe-haven gold prices down.

The Cboe Volatility index was lower, while the Dow Jones transportation average and the Russell 2000 small-cap index jumped.

Consumer discretionary led gains among S&P 500 sectors, although all of the sectors were higher on the day.

Charles Schwab shares jumped as the brokerage posted a smaller-than-expected drop in quarterly profit.

Results from large banks Goldman Sachs, Bank of America, Morgan Stanley, pharmaceutical giant Johnson & Johnson, electric vehicle maker Tesla and video-streaming pioneer Netflix are due this week.

Third-quarter earnings for S&P 500 companies are estimated to have increased 2.2% year-over-year, according to LSEG data Friday.

"At least for today, this is a market that sees a stronger earnings season, a stronger week in terms of earnings," said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, North Carolina.

At the same time, global leaders are trying to make sure that the Middle East conflict "remains contained," she said.

According to preliminary data, the S&P 500 gained 44.02 points, or 1.02%, to end at 4,371.80 points, while the Nasdaq Composite gained 156.97 points, or 1.17%, to 13,564.20. The Dow Jones Industrial Average rose 302.02 points, or 0.90%, to 33,972.31.

Data earlier showed that the New York Fed's General Business Conditions index, otherwise known as "the Empire State index" has gone back into negative territory.

Philadelphia Fed President Patrick Harker reiterated his view from Friday that the U.S. central bank was likely done with its rate-hike cycle.

Lululemon Athletica rose as the Canadian sportswear apparel maker was set to join the S&P 500 index this week, replacing Activision Blizzard.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
U.S. stocks ended sharply higher Monday as investors were optimistic about the start of earnings season, with transportation shares advancing.
financial markets, earnings, middle east
302
2023-13-16
Monday, 16 October 2023 04:13 PM
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