Stocks rally as Goldman Sachs earnings boom, retail sales surprise

U.S. stocks rallied Friday as investors digested blowout earnings from Goldman Sachs and an unexpected rise in retail sales. 

The Dow Jones Industrial Average jumped 382 points, or 1.1%, while the S&P 500 index and the Nasdaq Composite index were higher by 0.75% and 0.5%, respectively. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35578.9 +121.59 +0.34%
SP500 S&P 500 4531.69 +12.06 +0.27%
I:COMP NASDAQ COMPOSITE INDEX 15110.215884 -18.87 -0.12%

The early gains come after the Commerce Department said retail sales rose 0.7% in September, exceeding the 0.2% decline that analysts surveyed by Refinitiv were expecting. The results were boosted by back-to-school shopping and more workers returning to the office.  

In stocks, Goldman Sachs Group Inc. blew past earnings and revenue estimates as its investment banking and trading businesses posted blockbuster results. 

Ticker Security Last Change Change %
GS THE GOLDMAN SACHS GROUP, INC. 406.92 -4.91 -1.19%
JPM JPMORGAN CHASE & CO. 170.42 +1.98 +1.18%
BAC BANK OF AMERICA CORP. 47.08 +0.59 +1.28%

J.B. Hunt Transportation Services Inc. said quarterly profit rose 56% from a year ago as growth in all business units helped offset rising costs and a lack of network fluidity.

Ticker Security Last Change Change %
JBHT J.B. HUNT TRANSPORT SERVICES, INC. 194.56 +3.29 +1.72%

Elsewhere, a panel of Food and Drug Administration experts recommended a booster shot of both Moderna Inc.’s and Johnson & Johnson’s COVID-19 vaccine for adults age 65 and older and other high-risk individuals. However, the FDA delayed the use of Moderna’s vaccine for adolescents.  

Ticker Security Last Change Change %
MRNA MODERNA, INC. 333.05 -0.56 -0.17%
JNJ JOHNSON & JOHNSON 163.68 -0.28 -0.17%

Crypto-related names, including Coinbase Global Inc. and Riot Blockchain Inc., gained as bitcoin neared $60,000 a token after a Bloomberg News report out Thursday evening said the U.S. Securities and Exchange Commission will allow bitcoin futures exchange-traded funds.  

Ticker Security Last Change Change %
COIN COINBASE GLOBAL, INC. 313.88 +8.25 +2.70%
RIOT RIOT BLOCKCHAIN INC 31.44 +0.61 +1.98%

Space-tourism company Virgin Galactic Holdings Inc. shares plunged after the company pushed back the rollout of its commercial service until late 2022 as it works on upgrading its vehicles.  

Ticker Security Last Change Change %
SPCE VIRGIN GALACTIC HOLDINGS, INC. 20.14 +0.31 +1.56%

In commodities, West Texas Intermediate crude oil climbed 97 cents to $82.28 a barrel while gold slid $29.50 to $1,767.20 an ounce.

Overseas markets were broadly higher. 

In Europe, Britain’s FTSE 100 ticked up 0.37% while Germany’s DAX 30 rose 0.63% and France’s CAC 40 added 0.81%. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Asian bourses posted solid gains with China’s Shanghai Composite index edging higher by 0.4% while Hong Kong’s Hang Seng index and Japan’s Nikkei 225 rallied 1.48% and 1.81%, respectively. 

https://www.foxbusiness.com/markets/stock-futures-rally-goldman-sachs-earnings

Simonne Stigall

Next Post

Stellantis inks deal with Detroit marketing firm led by Archer Jr.

Wed Oct 20 , 2021
Stellantis NV on Thursday announced it has added Ignition Media Group, a Detroit-based boutique marketing and consulting firm led by Dennis Archer Jr., to its roster of outside marketing agencies. The transatlantic automaker will work with Ignition’s Soundcheck practice, which will “serve as a sounding board and multicultural thought partner, to […]