Stock prices rose sharply on Wall Street on Thursday as the market gained momentum after breaking three days in a row.
In mid-afternoon trading, the S & P 500 was up 1.6%. Over 90% of the stocks in the Benchmark Index have risen and are now well on their way to a weekly rise. The Dow Jones Industrial Average rose 1.5% and the Nasdaq rose 1.7%.
The Australian stock market is ready for a bright start to the session, with AEDT’s 5:05 am futures showing an open 50 point increase of 0.7 percent.
US healthcare stocks have made some of the strongest profits. UnitedHealth Group surged 3.9% after raising its earnings forecast for the following year, which was strong in the third quarter. Technology stocks also did a lot of hard work. Apple was up 1.8% and Microsoft was up 1.7%.
This is the first big week for companies to report their most recent quarterly earnings, and investors have so far responded differently to the latest round of bank earnings. Bank of America rose 3.1% after surpassing analysts’ expectations. Wells Fargo also exceeded expectations, but fell 2.1% as profits from loans declined compared to a year ago.
Investors are also reviewing up-to-date data on employment and inflation in an attempt to assess economic health and future directions.
The Ministry of Labor said the number of Americans applying for unemployment benefits last week fell to the lowest level since the pandemic began. This is a positive sign for the job market, which is still trying to recover from the first blow from the pandemic 18 months ago. The surge in incidents hindered recovery.
The latest report on inflation shows that companies continue to face pressure from rising costs. According to the Ministry of Labor, wholesale-level inflation in September rose 8.6% compared to a year ago. This is the biggest improvement since the 12-month change was first calculated in 2010.
ASX is set to jump as Wall Street soars with bright earnings
Source link ASX is set to jump as Wall Street soars with bright earnings