Upbeat earnings' report lift Wall St., eases slowdown concerns

by   |  VIEW 261

Upbeat earnings' report lift Wall St., eases slowdown concerns

On Tuesday, the 15th of October 2019, all three key indexes of Wall Street had posted solid gains of more than 1 per cent, as a raft of upbrat earnings’ reports including leading US financial service providers alongside large lenders had brought back trade-war-struck US traders into the equity markets.

Meanwhile, large US lenders such as JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc. alongside healthcare giants likes of J&J and United Health Group Inc., all had posted upbeat quarterly earnings’ report, which in effect prodded a strong Wall Street rally on Tuesday (October 15th).

Besides, adding that the equity markets had responded better-than-anticipated despite a dubitable Sino-US partial trade deal signed late last week, a senior market strategist for Allianz Investment Management in Minneapolis, Charlie Rupkey said, “Positive earnings are flowing through equity markets today, suggesting that things weren’t as bad as investors thought.

We’ve been in a headline-driven market over the last few months. But we’ve had progress lately, which has allowed investors switch their focus to more fundamental things like earnings and upcoming economic data.

” Quoting statistics, on Tuesday’s (October 14th) Wall St. round off, the benchmark Standard & Poor 500 soared 1.00 per cent to 2,995.68, while Dow Jones Industrial Average surged 0.89 per cent and Nasdaq climbed 1.24 per cent to curtain off Tuesday’s (October 14th) market at 8,148.71.