On Tuesday, all three key indices of Wall St. had winded up the session higher, largely riding on the back of tech and healthcare stocks, as market participants seemed to be cashing in on solid quarterly earnings’ report, though several analysts fretted that it would be too early to call the third-quarter earnings’ season a bed of roses in US capital market. On top of that, with J&J shares proffering the biggest boost in S&P 500 after raising its full-year profit forecast on an adjusted basis, the Wall Street bellwether had rounded off a hair shy of its early-September peak, while benchmark S&P 500 also had reported a fifth straight session of gains in a row. Apart from healthcare stocks, mega-cap tech conglomerates such as Apple Inc., Microsoft Corp alongside Facebook Inc., all closed out the session with decent gains. Amid such pluperfect third-quarter earnings’ portrait in US capital market despite frets of a slowdown in economic growth, analysts are now anticipating a 32.4 per cent growth in S&P 500 compared to the same time a year earlier, up from a 29.4 per cent projected earlier this month.
Wall St. gains as healthcare stocks lead tally of gains
Citing statistics, in the day’s Wall Street closing bell, trade-sensitive Dow gained 0.57 per cent to 35,457.97 and benchmark S&P 500 added 0.74 per cent, while tech-heavy Nasdaq jumped 0.71 per cent to 15,129.09.
Meanwhile, expressing possibilities of a pullback on later part of third-quarter earnings’ season, a chief strategist at Interactive Brokers, Steve Sosnick said, “We're seeing volatility measures like the VIX flipping from nervous to complacent in a really short period of time.
We may be a bit ahead of ourselves. The mostly likely scenario is that we make one more run at new S&P highs and then we pull back, subject to earnings”.