Reuters.- The US stocks they were getting ready to end the day this afternoon with a boost, after what Goldman sachs posted strong quarterly results, with the top three Wall Street indices ending the week higher.
Shares in Goldman Sachs Group rose and gave Wall Street’s Dow Jones its biggest boost as a record wave of mergers and acquisitions boosted the bank’s quarterly earnings.
Other large lenders also rose, and the sector was the most bullish on the S&P 500.
This week’s results from large financial institutions on Wall Street have provided a good start to the US third-quarter earnings reporting season, but investors will continue to look for signs of impact from supply chain disruptions and rising costs.
Wall Street expects gains of more than 30% on the S&P 500
Forecasts on Wall Street suggest that the profits of the S&P 500 companies will grow 32% in the third quarter compared to a year ago.
“We are starting to enter a profit-driven rally that I hope will last. We will really see the results in the next two weeks, when a large number of companies from all sectors present their reports, “said Peter Tuz, president of Chase Investment Counsel.
According to preliminary data, the S&P 500 gained 33.35 points, or 0.75%, to 4,471.61 units, while the Nasdaq advanced 73.55 points, or 0.50%, at 14,896.98. The Dow Jones Industrial Average rose 384.83 points, or 1.10%, to 35,297.39 units.
The US Department of Commerce reported a surprising increase in retail sales in September, But investors remain concerned that supply constraints may disrupt the holiday shopping season.
The Preliminary reading of consumer confidence in October came in slightly below expectations.
Shares of some airlines and other travel-related companies rose, after the The White House announced that it will lift travel restrictions on fully vaccinated foreigners beginning November 8.
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