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On Tuesday, all three key indices of Wall St. had spiked to record closing highs, mostly boosted up by an uplift in investors’ morale that came over the heels of a stronger-than-anticipated third-quarter earnings’ season, as market participants’ angsts over a plausible taper of fiscal support for the economy had been overshadowed amid a pool of strong earnings’ reports. In point of fact, in the day’s decent gains in the Wall Street were mostly galvanized by a sustenance of traders’ optimism over a buoyant Q3 earnings’ season, as analysts have reportedly been expecting S&P 500-listed entities’ third-quarter profits to climb as much as 40.2 per cent on a year-on-year basis, much higher than an initial projection of 29.4 per cent made earlier last month, data from Refinitiv had unveiled.
Wall St. hits record closing high as Fed policy meet sets in motion
Citing statistics, in the day’s Wall St. wind-down, trade-sensitive Dow gained 0.39 per cent to 36,053.09 and benchmark S&P 500 rose 0.38 per cent to 4,631.05, while tech-heavy Nasdaq took a torrential high-tide of 0.34 per cent to round off the session at 15,649.60.
Meanwhile, citing that a strong third-quarter earnings’ season appeared to have eased the frets of a flurry of macro-fundamentals, a senior investment director at US Bank Wealth Management, Bill Northey said, “From a fundamental perspective, there is a strong underpinning for the performance of the broad equity market complex.
The next several days and weeks will include significant developments on the policy front, and we are watching that very closely because as we transition out of the earnings reporting season many of the macro factors will start to take center stage again”.