On Wednesday, a slew of key indices in the Wall St. had closed out the session modestly higher as investors’ optimism had spurred up further following release of a raft of better-than-anticipated third-quarter earnings’ reports from top-tier US entities, however, tech-heavy Nasdaq had ebbed off as market participants’ focus seemingly had swayed away from the so-called growth stocks. With Nasdaq taking a breather in the day’s Wall Street, trade-sensitive Dow had topped its prior record peak reached on mid-August and benchmark S&P 500 rounded off just a hair shy of its early-September record, while in the day’s US capital market was almost entirely catapulted by a cascade of upbeat earnings’ reports from heavy-weight US companies as beforementioned. On top of that, S&P 500’s healthcare sub-index had winded up in the black for a second successive session in a row with Anthem and Abbott projecting encouraging outlooks.
Wall St. jumps on strong Q3, 2021 earnings
Citing statistics, in the day’s Wall St.
closing bell, trade-sensitive Dow gained 0.45 per cent to 35,615.26 and benchmark S&P 500 rose by 0.38 per cent to 4,536.77, while tech-heavy Nasdaq edged 0.05 per cent lower to 15,121.68. Meanwhile, addressing that a number of US entities had been maintaining a jubilant profit margin despite a worrisome rise in inflationary pressure which in effect had helped them shelve hefty earnings over the third quarter, a chief strategist and portfolio manager at Natixis Investment Managers Solutions, Jack Janasiewicz said, “Earnings are what matter and thus far what we've seen have actually been better than expected.
Margins are actually holding up. The bar was set pretty low coming into (earnings season) so that makes things a little easier ... Things are coming out, so far, better than expected. That's putting upward pressure on stocks”.
Nevertheless, with just a 14 per cent of S&P 500-listed companies releasing their Q3, 2021 earnings’ report so far, analysts were beginning to expect a 33.0 per cent rise in third-quarter earnings on a year-on-year basis, well-above an increase of 29.4 per cent forecasted earlier this month.