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On Friday, a slew of Wall St. stock indices had rounded off the session modestly higher with trade-sensitive Dow logging its largest weekly percentage gain since June, riding on the back of leading Wall Street lenders which had posted strong third-quarterly earnings’ report.
On top of that, a flabbergasting rise in US retail sales last month had enlivened analysts’ belief that the worlds’ largest economy’s growth might have not hindered over third quarter despite a robust pick-up in price pressures.
US Commerce Department said earlier in the day that US retail sales rose by 0.7 per cent in September, while August data was revised higher to 0.9 per cent from a prior 0.7 per cent, adding to impetus on market participants’ optimism.
In point of fact, in the week’s robust gains in the Wall Street were almost entirely catapulted by stronger-than-anticipated earnings’ report from heavy-weight Wall Street lenders with top four American investment banking companies such as JPMorgan, Citi, Wells Fargo alongside Bank of America reporting combined earnings of $28 billion.
Besides, Wall Streets analysts have been predicting a 32 per cent rise in S&P 500 earnings on a year-on-year basis, up from a prior projection of an increase of 29.4 per cent.
Wall St ends higher as bank stocks leading the tally of gains
Citing statistics, in the day’s Wall St.
wind-down, trade-sensitive Dow gained 1.09 per cent to 35,294.76 and benchmark S&P 500 added 0.75 per cent to 4,471.37, while tech-heavy Nasdaq surged 0.50 per cent to 14,897.34. On the week, Dow climbed 1.6 per cent, marking off its largest weekly percentage gain since June 25, and S&P 500 mushroomed 1.96 per cent, while Nasdaq torrented 2.46 per cent.
Meanwhile, addressing a cautious optimism over an earnings-driven rally in the Wall Street, President of Chase Investment Counsel in Charlottesville, Virginia, Peter Tuz said, “We're starting to get into an earnings-driven rally here that I hope lasts.
We'll really see the results in the next couple of weeks as a great bulk of companies in all sectors report”.